Constellation CEO says wine supply glut is correcting
Nick Fink, CEO of Constellation Brands, said an extended wine supply glut is being corrected via lower grape yields and supply pulled from production, adding the market has found bottom.
By Laura Cooper Constellation Brands CEO Nick Fink is taking a glass half-full view of the wine industry. Fink, whose company is behind the Kim Crawford and Prisoner wine brands, believes an extended supply glut is on its way to being corrected. " "Going forward this thing has kind of found bottom," he said. The wine industry has been hammered by Americans cutting back on alcohol and many Canadian buyers have said no thanks to American alcohol being on their shelves.
Constellation has shrunk its wine portfolio in recent years, offloading lower-priced brands. "I don't buy that people don't want wine," Fink said. " This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
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