New CEO Sir Dave Lewis appointed, bringing transformation and brand experience from Unilever.
Recent interactions focused on business strategy, culture, and portfolio management.
No pause in ongoing disposals or strategic pivots; board supports current direction.
Accelerate program continues, targeting cost savings and operational simplification.
Commitment to reduce leverage within target range by fiscal 2028.
U.S. beverage alcohol market faces slowdown, especially in tequila, due to inflation and consumer downtrading.
Downtrading from ultra-premium to super-premium and premium segments is evident.
RTDs (ready-to-drink) are growing as consumers seek affordability and convenience.
Moderation trend is accelerating, driven by health consciousness and economic pressures.
Portfolio strategy focuses on offering a range of choices in price, format, and ABV.
RTDs now represent 7-8% of business, with renewed focus on branded offerings.
Smirnoff Ice reinvigoration led to value growth in core markets.
Branded RTDs drive cross-purchase of full bottle spirits.
Distribution and market-specific strategies are key to RTD success.
RTDs are gross margin dilutive but expected to be EBIT dollar and margin accretive over time.
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Diageo, a multinational company headquartered in London, is one of the world's leading manufacturers of alcoholic beverages. Their extensive portfolio includes some of the world's most well-known alcohol brands, ranging from spirits and beers to wines. The company operates in more than 180 countries and is an important player in the alcoholic beverage industry due to its sheer size and portfolio of brands
Diageo came to be in 1997 through the merger of Guinness and Grand Metropolitan, two companies with rich histories in the alcoholic beverages industry. The name 'Diageo' is derived from the Latin word 'dia', meaning day, and the Greek word 'geo', meaning world. The company's portfolio includes well-known brands such as Johnnie Walker, Smirnoff, Baileys, and Guinness. Despite the relative youth of the current company, the roots of its constituent companies stretch back centuries. Guinness, the world-renowned Irish stout, was established by Arthur Guinness in 1759, while Johnnie Walker started its journey in 1820. These historical brands form part of the backbone of Diageo and contribute significantly to its global success.
Further reading: Diageo: A Toast to Success in the Beverage Industry
Diageo's portfolio encompasses a wide range of beverages, enabling it to cater to a variety of consumer preferences regardless of whether they’re interested in a high-quality vodka or a proper traditional stout. Brands such as Smirnoff and Johnnie Walker have established themselves as some of the world's best-selling spirits, while Guinness continues to stand tall in the beer category. The company heavily invests in the research and development of new products and works to maintain the high quality and consistency of its existing offerings. Some companies operating in the same industry include names like Campari.
In response to changing consumer preferences and the rise of the craft spirits movement, Diageo has evolved with the times by acquiring smaller craft and premium brands. This is highlighted by the company's purchase of Casamigos, a super-premium tequila brand, and Aviation Gin, which were both founded by famous actors.
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