Constellation Brands Announces Comprehensive Effort in Advancing Social Justice and Eliminating Systemic Racism
June 29 2020 - 9:00AM
Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, announced today its commitment to a
multi-initiative social justice action plan aimed to achieve
greater equity for African American/Black colleagues at
Constellation, within the beverage alcohol industry, and within the
communities they operate in.
“The conditions that have allowed systemic racism to persist in
the U.S. have existed far too long,” said Bill Newlands, president
and chief executive officer at Constellation Brands. “We
categorically denounce bigotry, racism, and social injustice. They
are clearly inconsistent with our company values and our commitment
to embracing diversity and creating an inclusive environment where
all employees feel safe, respected, and valued. We stand in
solidarity with the Black community and we are committed to
achieving meaningful and lasting change.”
Constellation Brands Ventures (CBV), the company’s corporate
venture capital group, will invest $100 million in African
American/Black and minority-owned businesses in the beverage
alcohol space and adjacent categories by 2030 through a new
program, Focus on Minority Founders. Data has shown that the
venture capital ecosystem is starkly homogeneous. In a study of
U.S. venture activity from 2013 through 2017, just 1% of VC-backed
entrepreneurs were Black(1). “These businesses serve as the fabric
of their respective communities and we must make it more equitable
for them to access the capital needed to have a fighting chance at
success,” said Newlands. “In a little over a year, CBV’s Focus on
Female Founders initiative has shifted our Ventures portfolio mix
from 20% female-owned to 50% female-owned. This reinforces there is
a real need for these programs, and they can drive measurable
improvement in minority representation for our industry.” In
addition to funding, the Focus on Minority Founders initiative will
support the growth and development of Black and minority-owned
businesses by providing sales, marketing, operations, and finance
expertise through the CBV team and Constellation’s many subject
matter experts.
In support of societal reform, Constellation is entering a
multi-year partnership with the Equal Justice Initiative (EJI). The
partnership will include a contribution of $1 million to further
EJI's mission and provide training opportunities for Constellation
leadership. Founded by Bryan Stevenson in 1989, EJI is committed to
challenging racial and economic injustice, advocating for equal
treatment in the criminal justice system, and protecting basic
human rights for the most vulnerable in American society.
Also part of its action plan, Constellation is taking steps
internally and within its extended network of business partners to
create greater equity for African American/Black colleagues. The
company is reviewing recruitment, hiring, and talent development
practices to ensure African American/Black talent is supported and
unconscious bias is addressed at all levels. The company is also
evaluating brand engagements and advertising policies to ensure
media partners, brand sponsorships, and other activations are
aligned to brand and company values. For example, true to its
brand ethos of supporting and empowering all women, Kim Crawford
has partnered with Black Girl Ventures, a non-profit providing
greater access to funding and resources for Black and Brown female
entrepreneurs and a stronger pathway for women of color to launch
and grow their own business.
(1) Rate My Investor,
Diversity in U.S. Startups
ABOUT CONSTELLATION BRANDSAt Constellation
Brands (NYSE: STZ and STZ.B), our mission is to build brands that
people love because we believe sharing a toast, unwinding after a
day, celebrating milestones, and helping people connect, are Worth
Reaching For. It’s worth our dedication, hard work, and the bold
calculated risks we take to deliver more for our consumers, trade
partners, shareholders, and communities in which we live and work.
It’s what has made us one of the fastest-growing large CPG
companies in the U.S. at retail, and it drives our pursuit to
deliver what’s next.
Today, we are a leading international producer and marketer of
beer, wine, and spirits with operations in the U.S., Mexico, New
Zealand, and Italy. Every day, people reach for our high-end,
iconic imported beer brands such as Corona Extra, Corona Light,
Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, and
our high-quality premium wine and spirits brands, including the
Robert Mondavi Brand Family, Kim Crawford, Meiomi, The Prisoner
Brand Family, SVEDKA Vodka, Casa Noble Tequila, and High West
Whiskey.
But we won’t stop here. Our visionary leadership team and
passionate employees from barrel room to boardroom are reaching for
the next level, to explore the boundaries of the beverage alcohol
industry and beyond. Join us in discovering what’s Worth Reaching
For.
To learn more, follow us on Twitter @cbrands and visit
www.cbrands.com.
MEDIA CONTACTS |
INVESTOR RELATIONS CONTACTS |
Mike McGrew 773-251-4934 /
michael.mcgrew@cbrands.com |
Patty Yahn-Urlaub 585-678-7483
/ patty.yahn-urlaub@cbrands.com Bob Czudak 585-678-7170 /
bob.czudak@cbrands.com |
A downloadable PDF copy of this news release enhanced with
multimedia links can be found
here: http://ml.globenewswire.com/Resource/Download/d2872adc-7b82-4414-bff3-bb65720fcd92
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