Our series of CEO 2023 previews continues: This time, we talk to the head of Brown-Forman, Lawson Whiting, about how he sees the year ahead shaping up.
Global Drinks Intel: What was your overriding takeaway from 2022?
Brown-Forman CEO Lawson Whiting: To be successful in this industry, you must have great brands led by talented people with long-held corporate values. 2022 was a year where this winning combination of brands, people and values delivered big things for Brown-Forman.
In addition to solid growth by our premium and super-premium brands, we announced our intention to acquire two global brands – Diplomatico and Gin Mare – and a major global relationship with The Coca-Cola Co for the Jack Daniel’s & Coca-Cola RTD.
GDI: Which industry developments surprised you the most last year?
LW: While there wasn’t much that surprised me, it’s been striking to watch consumers’ strong interest in spirits-based RTDs, which are more expensive than the malt-based alternatives, such as hard seltzer. The trends have replicated what we’ve seen in full-strength spirits – consumers are willing to pay more for a premium, better-tasting product.
GDI: Which consumer group will be your main focus in 2023?
LW: We’ll continue to focus on the super-premium, global consumer who appreciates authentic brands crafted with care.
GDI: Which of the brands in your portfolio do you expect to grow the fastest this year?
LW: Brown-Forman’s premium and super-premium portfolio is as strong as ever, and I expect all of our brands to grow in 2023. With the addition of Gin Mare and Diplomatico, we’ll have a strong presence in super-premium gin and rum, which are both experiencing significant growth.
Of course, as the new Jack Daniel’s & Coca-Cola RTD enters new markets, I expect we’ll see a nice bit of growth there as well. We’re also well-positioned to continue growing Jack Daniel’s, Woodford Reserve and Herradura, along with the entire portfolio.
GDI: What’s your biggest business worry for the months ahead?
LW: The environment in which we operate has been volatile, from trade issues to the pandemic to supply chain to foreign exchange. While we aren’t necessarily worried, we’re keeping a constant eye on how we can be agile and innovative, as needed, while still ensuring there is ‘Nothing Better in the Market’ than Brown-Forman.
