Consumer
Gen Z Is Drinking Less Wine. But This Company Has a Plan
- Maker of The Prisoner, Woodbridge, seeks new wine leadership
- Younger drinkers are trending away from wine in particular
Constellation Brands Inc. Robert Mondovi red wine and Casa Noble Tequila.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Constellation Brands Inc. isn’t discouraged by a trend away from wine drinking, as Chief Executive Officer Bill Newlands said he’s confident it can improve performance in that area — with a search for a new division leader underway.
“Broader category deceleration” in the wine industry was the main reason the company lowered guidance for its wine and spirits category during its third-quarter results Friday, Newlands said in a conference call. “We’re certainly not happy about it.”