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Coca-Cola and Bacardi testing canned rum and cokes
  + stars: | 2024-09-17 | by ( Kristian Burt | In | ) www.cnbc.com   time to read: +2 min
Coca-Cola just ordered another round in the booming canned cocktail market. It's going with another classic, launching a rum and coke in collaboration with Bacardi Limited. The two brands announced Tuesday plans to release the ready-to-drink cocktail in several international markets, starting with an initial launch in Mexico and select European markets in 2025. The new drink isn't Coke's first entry into the premixed cocktail market. Later that same year, Coca-Cola brand Sprite partnered with Pernod Ricard's Absolut Vodka for two versions of a premixed cocktail, one with Sprite and the other with Sprite Zero Sugar.
Persons: Molson Coors, Hard Seltzer, Brown Forman, Jack Daniels, Coke, Pernod, James Quincey, seltzer Organizations: Bacardi Limited, CNBC, U.S ., Spirits Council, Molson, Boston Beer, View Research Locations: Mexico, U.S
New York CNN —Why does actor Aaron Paul co-own a mezcal brand? Rob Kim/Getty Images for NYCWFFIt’s an “opportunity, to be honest,” Cranston told CNN. Celebrities are attractive to the spirits space because of their clout and connections, so the industry has “the door open. Four years later they sold the tequila brand to liquor giant Diageo for $1 billion, and the industry gold rush was on. The side of a Casamigos delivery truck promoting George Clooney and Rande Gerber's tequila brand in a 2015 photo.
Persons: Aaron Paul, Bryan Cranston, , Niro, Issa Rae, Dwayne “, ” Johnson, Matthew, Camila McConaughey, Eva Longoria, Casa Del, Kendall Jenner, Shirley Temple, Warren Beatty, Rob Kim, ” Cranston, George Clooney, Rande Gerber, George Rose, Ryan Reynolds, Conor McGregor, Jose Cuervo, Michael Yanover, Yanover, Jeff Spicer, ” Lisa Hawkins, , Drizly, Dwayne Johnson, Mike Segar, ” Andrew Chrisomalis, Tequila, Ed Mundy, ” Mundy, Sean “ Diddy ” Combs, Combs, Jennifer Lopez’s Delola, Lopez, she’s, Delola, Paul, Cranston, Dos, ” Applebee’s, ” Aaron Paul, CAA’s Yanover, , There’s, Kylie Jenner, Kendall, It’s, I’ve Organizations: New, New York CNN, Hombres, Hollywood, Dos Hombres, Food Network New York, Food Network New York City Wine, Food Festival, CNN, Diageo, Aviation, UFC, Creative Artists Agency, , Reuters, Jefferies, Diddy, New York, New York City Wine, Applebee’s Locations: New York, Casa Del Sol, Food Network New York City, Hollywood, New York City, Iowa, Applebee’s
Matthew Horwood | Getty Images News | Getty ImagesThe spirits industry held its market share edge over beer and wine for the second straight year in 2023, even as it showed little growth, according to new data released Wednesday. U.S. spirits revenue grew only a modest 0.2% last year to $37.7 billion, according to the Distilled Spirits Council of the U.S. annual economic report. Although the industry gained little total revenue, it outpaced beer and wine sales by 0.4% and 26.1%, respectively. "The phenomenal sales growth we saw during the pandemic was unprecedented and unpredictable but also unsustainable, and now, the spirits market is recalibrating." Tequila and mezcal, blended whiskey and American whiskey are among the fastest growing spirits categories by revenue.
Persons: Matthew Horwood, Chris Swonger, Swonger Organizations: Getty, U.S, Diageo, LVMH, Constellation Brands Locations: Cardiff, United Kingdom, U.S
Between June 2018 and December 2021 there was a 25% tax imposed on the spirit, which decreased American whiskey exports by 18%. American whiskey exports to the EU jumped 118% in the first half of 2023 when compared to the same period in 2022. They went back and forth until 2021 when the tariffs on American whiskey were suspended and we took a great sigh of relief. The Biden administration’s leadership and efforts on this have enabled the suspension of tariffs on American whiskey and all distilled spirits products, but we are rightly anxious because a 50% tariff on American whiskey would be beyond devastating to exports. Since those tariffs have been suspended, we’ve seen American whiskey exports rebound to beyond pre-pandemic levels.
Persons: Bell, Chris Swonger, Donald Trump, Joe Biden, Ursula von der Leyen, we’re, Biden, We’ve, we’ve, It’s, Gina Raimondo, ” Raimondo, CNN’s Christiane Amanpour, Raimondo, , Read, Bill Ackman, Leslie Wexner, , , Claudine Gay, Dean, Harvard College Rakesh Khurana, Gay Organizations: CNN Business, Bell, New York CNN, EU, European Commission, European Union, Biden administration’s, US, China, Commerce Department, Harvard, Harvard University, Pershing, Harvard College, Harvard College Jewish Alumni Association, ” Harvard, “ Harvard, Council, Advancement Locations: New York, United States, EU, China, Taiwan, Israel
New York CNN —For those that can’t get enough of espresso martinis, there’s now a gift that smells like the iconic cocktail that’s experiencing a resurgence for its 40th birthday. Absolut Vodka and Kahlúa coffee liqueur, two spirits that are often mixed to create an espresso martini, are releasing a $105 fragrance called “Blend No. The espresso martini is a mix of vodka, coffee liqueur and espresso. The rise of espresso martinis has made the 87-year-old brand more appealing to younger drinkers, according to Rima Sawaya, Kahlúa’s brand director. “The elegance of the espresso martini elevates your cocktail experience at a bar or restaurant, and it also serves as an impressive after-dinner cocktail when entertaining guests at home.”
Persons: there’s, Absolut, , McDonald’s, Dick Bradsell, Pernod, Rima Sawaya, Lisa Hawkins ​ Organizations: New, New York CNN, KFC, Pernod Ricard, , CNN, Council Locations: New York, London, Manhattan
Consumers started spending more on high-quality spirits during the pandemic shutdowns, which spurred a rise in premium beverage products, said Erlinda A. Doherty, an agave spirits expert and consultant. Both are proprietary spirits under Mexican laws, which are recognized in U.S. trade agreements. While he didn’t comment specifically on California’s foray into agave spirits, he said he believes Mexico can respond to the growing demand. The state legislature enacted a law last year requiring “California agave spirits” be made solely with plants grown in the state and without additives. He said those making agave spirits have a deep appreciation for Mexican tequila.
Persons: — Leo Ortega, Ortega, ” Ortega, Doherty, ” Doherty, , ” Alfonso Mojica Navarro, , Henry Tarmy, “ We’ve, we’ve, Craig Reynolds, Davis, Stuart Woolf, Woolf, Lisa, ” Woolf Organizations: distillers, California —, Mexican Chamber, Tequila Industry, Ventura Spirits, California Agave, University of California Locations: Calif, Southern California, Mexico, California, United States, U.S, France, Jalisco, Texas, Arizona, Northern California, Central, Davis
The new cocktail will contain a mix of Absolut Vodka and Sprite, the companies said. The drink will be available in two versions with Sprite and Sprite Zero Sugar. The announcement didn't say when the Absolut and Sprite drinks would hit the U.S. market. "We are excited about our new relationship with Pernod Ricard and look forward to the introduction of Absolut & Sprite." Vodka is already one of the most popular bases for alcoholic ready-to-drink beverages, and lemon-lime soft drinks such as Sprite are one of the most popular mixers in premixed cocktails.
Persons: Pernod Ricard, Jack, James Quincey Locations: United Kingdom, Netherlands, Spain, Germany
"Tequila has been such a national treasure here in Mexico," said Guilherme Espagnoli Martins, global brand director of Diageo-owned Don Julio Tequila. The Mexican beer boomIt's not just tequila and mezcal — Mexican beer is booming, too. Mexican beer imports into the U.S. are up 10.6% in 2023, according to alcohol research firm Bump Williams Consulting. watch nowA spokesperson for Constellation told CNBC that Mexican beer sales grew as Hispanic culture gained a stronger foothold around the world. Constellation on Thursday reported quarterly results that topped Wall Street estimates, driven by the surge in demand for its Mexican beer brands.
Persons: Mario Tama, Lea, Tequila, Guilherme Espagnoli Martins, Don Julio Tequila, Don Julio, George Clooney, Martins, Don, Don Julio Tequila Blanco, Bump, Bud Light, Cowen, Vivien Azer, InBev's Bud, Constellation's, Azer, Jonnie Cahill, Tecate, Cahill, Heineken's, It's, Dos Equis, Eduardo, Lalo, González, LALO Blanco Tequila, Don Julio González Organizations: Modelo Especial, Getty, U.S, Experts, Diageo, CNBC, Bump Williams Consulting, Mexico's Modelo Especial, Constellation, Modelo, Constellation Brands, Anheuser, Busch InBev, InBev's, Heineken USA, Cinco de Mayo, Dos, Corona Locations: Los Angeles , California, U.S, Mexico, The U.S, United States, British, Mexican, Modelo, Dos
Molson Coors, best known for brewing Coors Light and Miller Lite, is acquiring Blue Run Spirits, a cult favorite high-end bourbon and rye whiskey brand, for an undisclosed price, exclusively told to CNN. It’s part of the company’s pivot to becoming a broader beverage company focusing on drinks beyond beer, especially since US spirit sales surpassed beer sales last year for the first time ever. Blue Run is a Kentucky-based startup that makes premium bourbon whiskeys with prices ranging from $100 to $250 for a bottle. Molson Coors is buying buzzy bourbon brand Blue Run for an undisclosed price. Molson Coors' whiskey and bourbon portfolio now consists of three brands.
Persons: Mike Montgomery, Molson, Devon McKinney, ” Montgomery, , , it’s, Molson’s, Michelle St, Jacques, David Coors, Molson Coors, Blue, Lisa Hawkins Organizations: New, New York CNN, Molson Coors, Coors, CNN, Blue, Nike’s Air Force, Molson, Topo, Co, bourbons, Molson Coors Montgomery, Coors Spirits Co, “ Beer Locations: New York, Kentucky, Topo Chico, Montgomery, United States
As more drinkers seek out luxury spirits, a growing number of celebrities are using their star power, and cash, to elevate premium liquor brands. Volume sales of spirits brands at the top end of the distilled spirits market increased 4% last year from the year before, according to the Distilled Spirits Council of the United States. "But certainly, the increased consumer interest in great distilled spirits has excitedly generated a lot of celebrity engagement and enthusiasm in recent years." DISCUS tracks celebrity-affiliated brands and said it has counted several dozen on market. Wahlberg joined the team last year with an ownership stake, and since then, "sales have gone up exponentially," Marquez said.
Persons: Chris Swonger, Swonger, Mark Wahlberg, Aron Marquez, wouldn't, Mark, Marquez, Abraham Ancer, Wahlberg, He's Organizations: Consumers, CNBC Locations: United States, American, Canada
New York CNN —In a sea of canned cocktails, Gay Water wants to stand out. In other words, where Bud Light has buckled under pressure as bigotry grows against the LGBTQ+ community, Gay Water’s creator Spencer Hoddeson wants his new boozy brand to be the antithesis of that. The canned cocktail is named after a colloquialism given to the popular mixed drink (vodka and soda) ordered at bars by the gay community. He thought of creating Gay Water about a year ago while on a vacation with his friend that had got a job within the beverage industry. Big onlineHoddeson built up a strong social media following on TikTok and Instagram during Covid-19 and is using some of the money from that (as well as from friends and family) to help fund Gay Water.
Persons: Bud, Gay, Spencer Hoddeson, Bud Light, , influencer Dylan Mulvaney, they’re, It’s, Hoddeson, , it’s, ” Bryan Roth, seltzer, ” Roth, Gay Beer, Hoddeon Organizations: New, New York CNN, CNN, Anheuser, Busch, Nickelodeon, Feel Goods Company Locations: New York, Covid, United States
New York CNN —Tito’s Handmade Vodka is elevating its war against canned cocktails. For $200, the vodka maker is selling a “Tito’s in a Big Can,” which is a 128-ounce empty mini-keg that encourages drinkers to make their own cocktails rather than giving into the “canformity” (their word) of canned cocktails. Tito's is trolling canned cocktails with an empty keg. Customers have been asking Tito’s to enter the canned cocktail space, Berry told CNN. The family-owned company doesn’t reveal sales figures, but Tito’s is the country’s top-selling vodka brand, according to third-party data.
Persons: ” Taylor Berry, Tito’s, Berry, , Bert “ Tito ” Beveridge, they’re, we’ve, Organizations: New, New York CNN, Tito’s, CNN Locations: New York, United States, Texas
Jason Koerner | Getty ImagesCHICAGO — The spirits industry is overcoming economic headwinds to meet changing consumer preferences as it chips away at the dominance of beer. Despite supply chain issues and high inflation, the beverage alcohol industry has a lot to toast to these days, said Chris Swonger, president and CEO of DISCUS. "This is a great American success story," Swonger said of the industry's market share supremacy. As the spirits industry works to maintain its top spot this year amid fears of a recession, here are some key trends industry leaders who spoke to CNBC see shaping the business today. The company runs incubator and accelerator programs to develop Black talent within the spirits industry.
Persons: Casamigos, Alo, Jason Koerner, Beer, Chris Swonger, Swonger, We're, George Clooney, Mark Wahlberg, Wahlberg, Aron Marquez, Ryan Reynolds, Sean, Diddy, Combs, Kendall Jenner, Dwayne Johnson, Michael Jordan, David Beckham, it's, Patrick Shorb, Molson Coors, Tobin Ludwig, Pinkard Organizations: Alo Miami, Getty, CHICAGO, CNBC, Diageo, Chicago, Brands, Heineken, Anheuser, Busch InBev, Molson, Hella, Black Locations: Miami, United States, Chicago, Pennsylvania
New York CNN —Sean “Diddy” Combs is suing Diageo for racial discrimination, claiming that the spirits company that produces DeLeón — the tequila he co-owns with the company — failed to market DeLeón on par with its other brands, including Don Julio and George Clooney’s Casamigos brands. Tequila sales have grown in the United States in recent years, according to data from Distilled Spirits Council of the United States. However, Combs said that his tequila brand hasn’t benefited from the same growth as Casamigos or other tequilas. “While Diageo invested in and expanded its other brands — many of which were acquired after Ciroc and DeLeon — Mr. Combs’ brands were allowed to wither,” it said. In 2013, Combs bought DeLeón and formed a joint venture with Diageo for the high-end tequila.
Persons: Sean “ Diddy ” Combs, Don Julio, George Clooney’s, Combs, Ciroc, DeLeon, DeLeon — Mr, Martha Stewart, DEO, , we’ve, Diddy, Organizations: New, New York CNN, Diageo, Diageo “ kneecapped, Ciroc, Tequila, Casamigos, , CNN, Locations: New York, United States
"Sticker shock" has taken a toll, the report found, with consumers more likely to walk away from a purchase because the price is too high. Further, when it comes to discretionary spending, adults are more likely to treat themselves to dinner out or premium spirits rather than cosmetics. Consumers in the U.S. are four times more likely to have said their latest splurge purchase was food and beverages over personal care, Deloitte found. "Despite the tough economy, consumers continued to enjoy premium spirits and fine cocktails," Chris Swonger, president and CEO of the Distilled Spirits Council of the United States, said in a statement. "Cocktail culture continues to thrive in the United States," Swonger said.
WASHINGTON, March 22 (Reuters) - The U.S. Supreme Court on Wednesday is set to hear a trademark clash between Jack Daniel's and a dog accessory company behind a parody chew toy resembling the distiller's widely recognized black-label whiskey bottle. The dispute pits the whiskey brand's trademark rights against legal protections for creative expression - in this case a send-up by Phoenix-based VIP Products LLC of Jack Daniel's Old No. A 2,300-strong group of authors took the opposite view, saying a win for Jack Daniel's could lead to a "catastrophic chilling effect" over worries that creative expression might spark litigation. The 9th Circuit said the Bad Spaniels toy was an "expressive work" and thus potentially shielded under the First Amendment from Jack Daniel's trademark infringement claim. President Joe Biden's administration supports Jack Daniel's appeal.
New York CNN —On St. Patrick’s Day, it might seem appropriate to knock back a shot of Jameson Irish Whiskey. “Spirits consumers appreciate the rich heritage, tradition and authenticity of American whiskey,” Lisa Hawkins​, senior vice president for public affairs for DISCUS, told CNN. Another factor in the growth of the American whiskey market is small distilleries that are becoming attractions themselves, where people can sample the whiskey and see how it is made. “These unique experiences have helped to introduce more consumers to American whiskey and build excitement for both legacy and newer brands in the category,” Hawkins said. American whiskey is the most popular top spirit to be exported, with the European Union being its biggest market.
SunnyD is being turned into a boozy beverage
  + stars: | 2023-03-10 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN —SunnyD, the flavorful orange drink chugged from childhood by millennials, is embracing one of its more collegial cocktail combinations. There’s now a vodka seltzer version of the drink that was created because of “popular demand,” the brand said. SunnyD Vodka Seltzer becomes the latest entrant into the canned cocktail craze that has customers thirsting for flavor-packed adult beverages over their malt-based seltzer siblings. The vodka seltzer is 4.5 percent alcohol by volume, has 0 grams of sugar and only 95 calories. SunnyD was sold to Harvest Hill Beverage Company in 2017, the privately owned manufacturer of Juicy Juice, with sales of the orange drink growing more than 30% since 2019.
What’s happening: Never-married women earned just 92% of what never-married men did last year, according to the Wells Fargo report. Those wage gaps are “persistently disappointing,” ADP’s Chief Economist Nela Richardson told CNN on Thursday. Markets suffer: Companies with smaller gender pay gaps tend to be rewarded by their shareholders. “The gender pay gap is informing investment strategies,” wrote Refinitiv analysts in a recent report. “Our recent analysis shows that [shares of] companies with no gender pay gap outperform companies with pay gaps between male and female employees,” wrote Refinitiv.
New York CNN —As sales of canned cocktails and of tequila soar, High Noon is looking to capitalize on that combo. High Noon Tequila Seltzer hits shelves Wednesday in the United States and will be sold in an 8-pack containing four flavors (lime, grapefruit, passionfruit and strawberry) for a suggested retail price of $21.99. High Noon Tequila Seltzer hits shelves on Wednesday. Or course, High Noon Tequila Seltzer isn’t the first tequila-based premixed cocktail. Gallo jumped on the canned cocktail craze in 2019 with High Noon, a vodka base mixed with several types juice including lime, lemon and mango.
Are we on the brink of a corporate credit crisis?
  + stars: | 2023-02-13 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +9 min
Economists at S&P Global Ratings forecast that speculative-grade (perceived to have a lower level of credit quality compared to more highly rated, investment-grade, companies) corporate default rates in the US and Europe will double this year alone. So are we on the brink of a corporate credit crisis? Before the Bell spoke with Ruth Yang, managing director and global head of thought leadership at S&P Global Ratings to discuss what lies ahead for the corporate credit market. Before the Bell: What’s your big picture view of the credit economy right now? There will be slower growth with thinner margins and that’s going to change how people look at their investment opportunities.
Spirits like whiskey, cognac and tequila, a celebrity favorite, have surpassed beer's U.S. market share for the first time due to price hikes and high-end cocktail trends, according to the Distilled Spirits Council of the United States. U.S. sales for spirits totaled $37.58 billion last year, while beers like Anheuser-Busch inbev SA's (ABI.BR) Bud Lite tallied $37.46 billion, according to data compiled by the Distilled Spirits Council. Spirits' market share was 42.1%, while beer's was 41.9%, according to the data. Tequila and ready-to-drink canned cocktails including Constellation Brands Inc's (STZ.N) Fresca vodka spritz were among the fastest-growing types of spirits, the Distilled Spirits Council said. "The 'premiumization' trend, where people look at distilled spirits as an affordable luxury, is affirmed by these numbers," said Chris Swonger, CEO of the Distilled Spirits Council.
Consumers are choosing prosecco over Champagne and opting for cheaper tequila amid economic uncertainty. Still, the Champagne industry is on track to beat its sales record thanks to higher-income drinkers. The premium alcohol business saw a boom in 2021 thanks to traveling and partying finally being back on the table. Sales of Champagne also reached a record high of $5.7 billion in 2021, 14% higher than the pre-pandemic record, Reuters reported. But before you feel too bad for the Champagne industry, don't worry — it's still on track to beat its 2021 sales record, David Chatillon, chairman of the Union of Champagne Houses, told Reuters.
Why 2022 is the year of the espresso martini
  + stars: | 2022-12-03 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN Business —It might be 2022, but people are still ordering espresso martinis like it’s the 90s. The espresso martini has even displaced the classic Manhattan, a bourbon-based cocktail, in the top 10. “The elegance of the espresso martini elevates your cocktail experience at a bar or restaurant, and it also serves as an impressive after-dinner cocktail when entertaining guests at home.”2022 was the year of the espresso martini. Adobe StockThe espresso martini is a mix of vodka, coffee liqueur and espresso. Espresso martinis have also made the 86-year-old brand more appealing to younger drinkers, according to Rima Sawaya, Kahlúa’s brand director.
Jack Daniel’s Whiskey has a bone to pick with a dog toy company, and the Supreme Court on Monday agreed to hear their case. VIP Products, an Arizona-based company, makes dog toys that resemble Jack Daniel's iconic whiskey bottles. Jack Daniel’s is arguing that the toys are a violation of federal trademark rights and tarnish the company’s brand. "VIP has never sold whiskey or other comestibles, nor has it used “Jack Daniel’s” in any way (humorously or not). The high court will likely hear arguments in the Jack Daniel's case early next year.
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