Bernstein: Remy, Moet Hennessy & Proximo Taking Share in COVID-Era

Dear Client:  Earlier in COVID times, all major spirits companies enjoyed a boost in growth, with some better placed to capture that growth, but there weren't any clear material shifts in winners/losers, according to Bernstein [see WSD 05-11-2020]. But, "it is now much more evident that certain categories (cognac, tequila, cocktails) and therefore the largest players that over-index in those categories are 'winning' in the market."   Bernstein analyst Trevor Stirling writes in a note out this week that "COVID category