Beverage Industry Inclusion
Constellation Brands acquired ready-to-drink brand Austin Cocktails , one of its first Focus on Female Founders initiative participants , in April 2022 .
How would you say Constellation is doing in its diversity efforts ? We ’ re proud of the strides the company has made over the past several years , and it starts at the top . For instance , we ’ ve significantly enhanced the level of diversity on our board of directors and executive team , which have diverse representation of 40 % and 50 %, respectively .
We ’ ve established nine distinct Business Resource Groups focused on creating an inclusive , high-performing culture and leveraging diverse perspectives to positively impact our consumer offerings and overall business . Our senior leaders are actively engaged in this process , as each of our Executive Management Committee members serves as an executive sponsor of one of our BRGs . We ’ ve partnered with external organizations to help support the development and success of women and minorities within the beverage alcohol space and our communities .
These are just a few examples of the strides we ’ ve made over the years . That said , we fully realize there is much work yet to do , and our team is absolutely committed to keeping our foot on the gas as we continue to progress towards our ultimate goals .
What steps is Constellation is taking to embrace and enhance diversity within the company ? We ’ re taking a number of steps to embrace and enhance diversity across our business . These include working with our leaders to ensure we have truly diverse candidate slates for open roles , incorporating DEI principles into our Leadership Standards and various Leadership Development programs , leveraging our Leadership Development program graduates as mentors with an emphasis on supporting diverse talent across our business , and leveraging our relationship with the Equal Justice Initiative to enhance education and awareness of the history of social inequity in our society among our board , executives , and teams across the company .
We are also focused on making a positive difference within our industry and communities through our Focus on Female Founders and Focus on Minority Founders initiatives , in which Constellation has committed to invest a collective $ 200 million to support entrepreneurs in these underrepresented demographics over a 10-year span . As mentioned , we still have much work yet to do , but we ’ re committed to continuing to take the steps needed to make meaningful progress over time .
Have you found that a more diverse workforce has a positive effect on financial performance ? Yes . One of the most tangible examples I ’ d highlight is our recent acquisition of Austin Cocktails , which was one of our first Focus on Female Founders participants .
Austin Cocktails is a successful female-founded and led producer of spirits-based , ready-to-drink cocktails . The company participates in one of the fastest-growing segments in beverage alcohol .
As part of the Focus on Female Founders initiative , co-founders Jill Burns and Kelly Gasink and their team not only benefitted from Constellation ’ s investment , but they also had access to our subject matter expertise in areas such as marketing , finance , supply chain and distribution management .
In turn , Jill , Kelly , and the team at Austin Cocktails are helping to bolster our position in the fast-growing spirits-based RTD space , with a high-quality and distinct line of products with consumer appeal . This has truly been a win-win for both companies .
It ’ s also important to note that beyond Constellation , there are a number of studies conducted by external management consultants that speak to the value of diversity . A study by McKinsey & Co . that we ’ ve referenced internally shows a strengthening correlation between the level of diversity at large companies around the world and their ability to drive outsized financial performance .
We firmly believe that in order to win long term with an increasingly diverse universe of consumers , it is in our best interest to ensure their perspectives are represented across our business and in our decision-making . It ’ s not only the right thing to do , it ’ s good business !
What are some of the diversity initiatives Constellation plans for the future ? We continue to look for ways to engage with partners across the beverage alcohol industry to attract best-in-class diverse talent to our industry . The beverage alcohol industry is a great place to have success , build a meaningful career , and to have a lot of fun along the way .
In this regard , we truly believe a rising tide lifts all boats . So , we ’ ve signed on as a participant in the Pronghorn DISCUS Partnership — a first of its kind , industry-wide initiative focused on granting access and removing barriers that have put Black people and other communities of color at a disadvantage when it comes to working , owning , and / or investing in the spirits industry .
We ’ ve also begun to engage our distributor partners in discussions to find mutually beneficial ways to make meaningful progress from a DEI standpoint . By working together , we believe we can accomplish more , and we look forward to continuing to advance these efforts with our partners going forward .
8 2022 Beverage Industry Inclusion