News Alert: Beam Suntory Rebranded To Suntory Global Spirits, Aiming For $10B In Sales
April 30, 2024It’s now been a decade since Suntory Holdings agreed to acquire the former Beam Inc. for $16 billion. As Suntory marks that milestone, it’s rebranding Beam Suntory as Suntory Global Spirits to reflect the increasing globalization of the business and the ambitious goals it has set for the future. Among them, the company is aiming to roughly double Suntory Global Spirits’ sales to $10 billion by 2030.
Tak Niinami, president and CEO of Suntory Holdings and executive chairman of Suntory Global Spirits, notes that the business grew from $2.5 billion to $5.5 billion in sales over the past 10 years, amid sustained investment in key categories like American and Japanese whiskies. “We have taken care to develop a unique brand identity for our newly-named company that differentiates us and demonstrates our global leadership and premium position in the market,” he tells SND.
“It’s an ideal time for us to change the name after 10 years of investment,” adds Greg Hughes, president and CEO of Suntory Global Spirits. The two executives point to the company’s significant outlays in capacity in recent years as setting the stage for further growth. That includes the $70 million renovation of Yamazaki and Hakushu distilleries in Japan as well as a $400 million investment in the Booker Noe Distillery in Kentucky where Jim Beam is made.
Those investments have fueled innovation across the portfolio, including new products for brands including Yamazaki, Hibiki, Jim Beam, and Maker’s Mark, as well as new-to-world brands like Legent, Ardray, and -196. In particular, Suntory sees potential to take the lead in the RTD market globally in the years ahead, leveraging brands like On the Rocks, Delola, and -196.
Increasing penetration in key global markets is also part of the plan. “This is an opportunity for us to build on the growth of Japan and the U.S. but also to expand into markets like India, China, emerging Asia, and across the global prestige cities,” Hughes tells SND. “The name change allows us to do that in that we can leverage the full global capabilities of Suntory and the strength of the Suntory brand around the world.”
“We have evolved to become a truly global company, and we’re excited to achieve even more in the future as Suntory Global Spirits,” says Niinami. “Consumers are always trying to find better quality. Relentless pursuit of perfection and commitment to quality will be among the key factors for Suntory Global Spirits to enjoy even more success.” —Daniel Marsteller
| Suntory Global Spirits―Key Brands in the U.S. (thousands of 9-liter case depletions) |
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| Brand | Type | 2022 | 2023 | Percent Change1 |
|---|---|---|---|---|
| Jim Beam2 | Bourbon | 6,070 | 5,950 | -2.0% |
| Maker’s Mark | Bourbon | 2,375 | 2,350 | -1.0% |
| DeKuyper | Liqueur | 1,965 | 1,995 | 1.6% |
| Hornitos | Tequila | 1,675 | 1,725 | 3.0% |
| On the Rocks | RTD | 668 | 738 | 10.5% |
| Knob Creek | Bourbon | 531 | 531 | 0.0% |
| Basil Hayden | Bourbon | 523 | 502 | -4.0% |
| Total Key Brands | 13,805 | 13,790 | -0.1% | |
| 1 Based on unrounded data. 2 Includes flavors, excludes Eight Star and RTDs. Source: IMPACT DATABANK © 2024 |
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Tagged : Jim Beam, Maker's Mark, Suntory Global Spirits, Yamazaki
