We kick off our series of review/preview interviews this month with Brown-Forman. CEO Lawson Whiting tells Global Drinks Intel what he learned in 2024 and what the brand owner can expect from the year ahead.
What was your overriding takeaway from 2024?
My overriding takeaway from last year has been the unwavering resilience and adaptability of our teams at Brown-Forman. Our people, combined with our diversified global portfolio and strategic focus on premium and super-premium brands, have been our key sources of strength in the face of a challenging and dynamic operating environment.
We’ve seen first-hand the enduring appeal of our high-quality offerings, even in the face of economic fluctuations, and I’m confident that this positions us for continued success in the years to come.
Which industry development surprised you the most last year?
In the US, the sharp slowdown in TDS (total distilled spirits) that started in Fall 2023 did not improve by much through 2024. These are definitely some of the most challenging conditions that I have seen in my career.
After several years of robust, above-trend growth, the spirits industry is clearly seeing some hesitation by the consumer. Inflation and higher interest rates have impacted the behaviour of both the consumer and trade, and has tightened a lot of pocketbooks. However, we have some great brands in the best categories and we are evolving to capture the best opportunities.
Which consumer group will be your main focus this year?
Our focus remains squarely on the discerning consumer who seeks out high-quality, premium and super-premium spirits. We believe that even in times of economic uncertainty, there’s a consistent demand for affordable luxuries, authenticity and genuine craftsmanship. This aligns perfectly with our brand portfolio and our commitment to innovation and excellence.
We’re excited to continue delivering exceptional experiences that resonate with this important segment of the market.
Which of the brands in your portfolio do you expect to grow the fastest in 2025?
It’s hard to predict which of our many brands will grow the fastest, but I can share a few that I’m excited about in 2025.
Woodford Reserve continues to shine as a leader in super-premium bourbon. Consumers are embracing its craftsmanship and quality and we see a long runway for growth in that category.
We’re constantly innovating with Jack Daniel’s, from the successful launch of the Jack Daniel’s & Coca-Cola RTD that keeps the brand fresh and relevant, to exciting limited-edition releases that highlight its specialness.
Beyond our established brands, we’re thrilled with the performance of recent additions like Diplomático rum and Gin Mare. These brands have really started to accelerate, and we’re thrilled with the consumer interest in these brands, particularly within Europe.
Overall, I’m optimistic about the future. We have a strong portfolio of brands, a talented team and a commitment to innovation. We’re well-positioned to capitalise on the global growth in premium and super-premium spirits.
What’s your biggest business worry for the year ahead?
Obviously, the global economy has had its ups and downs in recent years. We’re keeping a close eye on things like inflation and how it might affect consumer spending. But here’s the thing: even in tougher times, people still want to enjoy life’s little moments, and our brands are a part of that experience.
We’re confident in our ability to navigate whatever comes our way and keep delivering the quality products our customers love.
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