MGP Records Decline, But Says Premium Brands Are Rising
MGP Ingredients saw sales in its branded spirits division decline 5% to $241 million last year, as increases in its premium portfolio including labels like Penelope, Yellowstone, Remus, Blood Oath, and others was offset by its move away from lower price tiers. “Led by Penelope, our premium-plus portfolio outpaced category growth in 2024, even as we faced headwinds from the repositioning of certain brands for long-term success,” said MGP interim president and CEO Brandon Gall.
According to Impact Databank, the Penelope Bourbon brand jumped 32% to 70,000 cases last year. “Our premium-plus sales increased by 5% as we continue to execute focused initiatives across our American whiskey and Tequila categories,” the company noted. “However, this growth was partially offset by the negative impact from the planned optimization of our mid and value priced portfolio as we continue to align our portfolio with consumer trends.”—Daniel Marsteller
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Tagged : Blood Oath, MGP Ingredients, Penelop, Remus, Yellowstone
