In the Spirit of Connection
Corby Spirit and Wine releases annual report and renews representation agreement
with Pernod Ricard
In one of the most challenging years in modern times, Corby Spirit and Wine has shown its resilience.
When the COVID-19 pandemic caused governments in Canada to declare states of emergency and enact a broad economic shutdown, Corby was directly hit. A significant piece of its business is done through bars and restaurants, and with their closure the company was forced to sharply pivot.
Corby joined the effort to fight COVID by adapting its historic Hiram Walker and Sons distillery in Windsor to produce hand sanitizer for health care and front line workers. It also helped establish support funds for hospitality workers who were displaced by the widespread closure of bars and restaurants. And despite the hardships, Corby reported in its annual report this week that is posted revenue growth of two per cent over 2019, and an increase in net earnings by four per cent to $26.7 million.
It also hired a new CEO, with Nicolas Krantz named to replace the retiring Patrick O’Driscoll.
“Through the course of the COVID-19 pandemic, Corby has demonstrated its values-based leadership, adaptability and strong commitment to our customers and communities,” says Nicolas Krantz, who assumed the position as Corby CEO on July 1. “While we must balance the short and long term, I believe there are opportunities to be had for companies such as ours as the world emerges from the health crisis. It’s at times like these that smart companies can make progress and take share.”
Corby Spirit and Wine has also announced that its representation agreement with global spirit and wine giant Pernod Ricard has been extended to 2026. This gives Corby exclusive representation rights of Pernod Ricard brands in Canada, including Jameson Irish Whiskey, The Glenlivet single malt Scotch whisky, Malibu Rum and Beefeater, Monkey 47 and Malfy gins. Pernod Ricard is the global No. 2 player in the spirit and wine category.
Looking ahead to the coming year, Mr. Krantz is setting three priorities for further growth and development at Corby:
1. Continuing to build its brands with ambitious plans to boost sales and consumer awareness.
2. Building a stronger bond with consumers through digital innovations and distribution channels.
3. Invest in employees to ensure everybody is engaged and working in the same direction.
“If Corby needed a test of our agility and resilience as a company, or our commitment to our values and purpose, this year was it,” says Patrick O’Driscoll, who retired as Corby CEO in the spring. “The global economy collapsed, our on-premise customers were forced to shut down, consumer engagement events were cancelled, our offices were closed, and our friends, families and communities suffered hardship and loss.
“I’m pleased that our organization passed the test, rising to the unparalleled challenges and continuing to create win-win memorable experiences for our customers, consumers, shareholders, employees and communities.”
About Corby Spirit and Wine
Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and wines. Corby’s portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser’s®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb’s® rum, Polar Ice® vodka, McGuinness® liqueurs, Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® Spiced rum, and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine’s® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, Mumm® champagne, and Jacob’s Creek®, Wyndham Estate®, Stoneleigh®, Campo Viejo®, and Kenwood® wines. Corby is a publicly traded company based in Toronto, Ontario, and listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn, Instagram, or Twitter.