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CEO of Constellation Brands suggests Pacifico has potential to grow as large as Modelo

2023 has been a breakout year for Constellation Brands (STZ), the beer brand behind Corona and the recently-crowned top-selling U.S. beer Modelo. Constellation Brands President and CEO Bill Newlands joins Yahoo Finance Executive Editor Brian Sozzi to discuss the beer lines’ rapid rise in popularity — originally tied to consumer controversies — and sales growth. “We expected that we would take over as number one in a couple years, we just didn’t think it would happen quite as quickly as it did,” Newlands says. “We’ve got a very strong situation with the Hispanic consumer, and we get tailwind because of the growth of that consumer in the U.S. but it’s also much broadening its base as well — today, it’s 55% Hispanic, 45% non-Hispanic.” Newlands also comments on the growth outlook for Constellation’s other products, trends in the wine and spirits industry, and consumer trends reacting to economic headwinds. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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