Rahul Says “This Cycle Will Pass,” Eyes Economy Fix, Needle-Moving M&A

Dear Client:  Molson Coors chief Rahul Goyal laid out how he’s thinking about beer’s downcycle, and what levers Molson Coors plans to pull at Morgan Stanley’s Global Consumer & Retail Conference yesterday. “THIS CYCLE WILL PASS.” He acknowledged that beer has clearly taken another step down this year. For most of the decade before COVID, beer volumes fell 1% to 2% a year. In the years after, the category softened into the “minus-3-ish” range. But this year, he noted, the