It’s been a bumper week for Brown-Forman, with the company acquiring Gin Mare, releasing its financial results for its first quarter of FY23 and hosting a Distillery Door event in Sydney.
Brown-Forman’s reported net sales increased 11% to $1billion (+17% on an organic basis) in the first quarter of FY23 compared to the same prior-year period. Jack Daniel’s, Woodford Reserve and RTDs were the star performers.
The Jack Daniel’s family of brands delivered 11% reported net sales growth (+19% organic), driven by 10% reported net sales growth (+21% organic) from Jack Daniel’s Tennessee Whiskey.
Woodford Reserve grew reported net sales 38% (+39% organic).
RTD was fueled by Jack Daniel’s RTDs and New Mix with reported net sales growth of 17% (+21% organic).
Reported net sales growth in developed international markets was led by Australia, Germany, and Spain.
Brown-Forman President and Chief Executive Officer Lawson Whiting said: “Jack Daniel’s Tennessee Whiskey remains the lead driver of our growth as the brand continued to deliver double digit growth with an organic net sales increase of 21%, driven by strong consumer demand, higher pricing and favorable channel mix.
“Jack Daniel’s RTDs, which grew organic net sales 17% were the third largest contributor to overall company growth, fuelled by the consumer trends of convenience and flavours.
“Leading this growth is Jack Daniel’s & Cola, which gives us continued confidence in our global agreement with the Coca-Cola Company to deliver the iconic Jack & Coke cocktail as a branded ready to drink adult beverage.
“We’re on track to launch the Jack Daniel’s & Coca-Coca RTD beginning in late calendar ’22 in Mexico. We look forward to sharing more about this exciting agreement between two global American icons in the quarters and years to come as it expands to markets throughout the world.”
In an earnings call, CFO Leanne Cunningham said: “Jack Daniel’s Ready-to-Drink momentum continued with double-digit growth, led by Germany and Australia. Consumers’ desire for convenience and interest in the Ready-to-Drink category remains high in these markets and we are gaining share.”
Jack Daniel’s launches first super-premium extension in 25 years
Earlier this month, Brown-Forman launched Jack Daniel’s Bonded Tennessee Whiskey in Australia, the first permanent expression in the brand’s new Bonded Series.
Bonded is Bottled-in-Bond at 100 proof (50% ABV), with packaging inspired by the original design of the 1895 Jack Daniel’s Tennessee Whiskey bottle. As stipulated by the Bottled in Bond Act of 1897, a bonded whiskey must be distilled by a single distiller during a single season, matured in a government bonded warehouse for at least four years and bottled at 100 proof.
“The new Jack Daniel’s Bonded Tennessee Whiskey and Jack Daniel’s Triple Mash Blended Straight Whiskey are the first two permanent expressions in the brand’s new bonded series and they’re off to a great start,” Whiting noted.
“It’s kind of exciting to see that there’s a nice market for some premium extensions off the Jack Daniel’s brand.”
Brown‑Forman to purchase Gin Mare brands
Brown‑Forman has announced it has reached an agreement to purchase the Gin Mare brands from Vantguard and MG Destilerías. Upon completion of the transaction, Brown‑Forman will add Gin Mare and Gin Mare Capri to its growing portfolio.
The deal comes three years after Brown-Forman acquired Fords Gin, marking its entry into the super-premium gin category.
Gin Mare, the world’s No. 1 ultra-premium gin, is a Spanish gin with a Mediterranean-inspired recipe of botanicals, including Arbequina olives, thyme, rosemary, and basil. Gin Mare Capri, introduced last year, is made with Italian bergamot and lemons, along with Gin Mare’s four principal botanicals.
“Gin Mare and Gin Mare Capri are unique gin brands with impressive sales growth and strong distribution in important European markets. They are excellent complements to Brown‑Forman’s super-premium portfolio,” said Whiting.
“We believe this exciting acquisition enhances our capacity to deliver meaningful global growth for the long term.”
Gin Mare was founded in 2010 by the Giró Family of MG Destilerías and Alfonso Morodo and Antonio Pardo of Vantguard. Today, it is sold in more than 70 countries and is the largest ultra-premium gin brand in the world according to IWSR.
“Brown‑Forman is the perfect partner to bring Gin Mare to more consumers and bartenders around the world while keeping the brand’s commitment to producing a unique, high quality, Mediterranean gin,” said Manu Giró, CEO, and Marc Giró, Master Distiller, MG Destilerías.
“Our motto at Vantguard is to create brands that are alive with soul and aim to put a sparkle in our customers’ eyes. It’s been a thrill to watch consumers embrace our brand, and we are excited about the future for Gin Mare with Brown‑Forman’s resources and capabilities behind it,” added Antonio Pardo and Alfonso Morodo, Vantguard Co-CEOs.
Brown-Forman hosts Distillery Door event
The Brown-Forman Australia team hosted a tasting and sensory experience at Hinchcliff House this week called Brown-Forman’s Distillery Door.
The event was an opportunity to experience whiskies across iconic brands Jack Daniel’s, Woodford Reserve, The GlenDronach and Benriach.
Among the sought-after serves explored during the Scotch Whisky tasting experience was the marvellous GlenDronach 1993, which retails for more than $600 (if you can get your hands on a bottle).
It was a revelation to elevate the whisky tasting experience by alternating sips of GlenDronach with Pedro Ximenez Sherry served in edible chocolate cups.