Constellation Brands, the owner of Corona and Modelo beer brands, has announced plans to invest $100 million by 2028 in businesses founded or led by women in the alcoholic beverage segment.
It has introduced a new programme - 'Focus on Female Founders' - through which the investment will be made.
Mallika Monteiro, the chief growth officer of Constellation Brands, said, “Our Focus on Female Founders programme reinforces our commitment to supporting the advancement of women within our company, within our industry, and in our local communities.
"Broadening our focus on this critical demographic will drive incremental growth for our business, enhance our relevance, deepen our consumer knowledge base, and broaden our pipeline of ideas and talent."
Fastest-Growing Segment
Female-led businesses are the fastest growing segment of entrepreneurship in the US, generating two times the revenue per dollar compared with the average non-women-owned businesses.
Despite these figures, only 2% of venture capital funding went to female-led companies in 2017.
“Women are an underrepresented demographic in the beverage alcohol industry and we are committed to doing our part to help change this,” said Bill Newlands, president and chief operating officer, and incoming chief executive officer, Constellation Brands.
The beverage giant has already completed its first investment in two specialty beverage companies - Austin Cocktails and Vivify Beverages.
The details of the transaction have not been disclosed.
Boosting Businesses
Austin Cocktails, founded by sisters Jill Burns and Kelly Gasink in 2012, offers bottled cocktails of five varieties.
“We’ve worked hard to get where we are, and we’re thrilled to have an investment from Constellation Brands to help us continue on our growth journey,” said Burns. “Constellation Brands’ reach, scale and influence will help take Austin Cocktails to a whole new level.”
Elsewhere, Vivify’s leadership team will work closely with Constellation Brands to capture new consumers, and expand its market share.
"As consumer demographics, needs and choices continue to evolve, we believe the focus and point of view that women-led businesses bring to the table will help drive transformative innovation and accelerated growth for our business and, more importantly, for the beverage alcohol space at-large," Newlands added.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
