Bernstein: Big Spirits Companies Lagging Behind US Spirits Market Growth

Dear Client: The US spirits industry is growing at about 5% in value and 2.5% in volume, according to recent Bernstein estimates. Within Bernstein's coverage, Campari is the fastest growing company, up just over 6% in the three months to October. Campari has been consistently outperforming the market since the beginning of 2018. Even though Skyy--the company's largest brand in the US at about 40% of volumes--was down more than 2% for the three-month period. On the other hand, the Wild Turkey franchise