Constellation Brands has acquired a minority stake in US rosé wine brand La Fête du Rosé, as part of its diversity initiative.
The investment was made through Constellation’s venture capital arm and marks the first company to receive an investment as part of its Focus on Minority Founders initiative.
The programme will see the company invest $100 million to support the growth and development of Black, Latinx and minority-owned businesses by 2030.
Founded in 2019, La Fête du Rosé (meaning ‘the rosé party’ in French) was inspired by the popularity of rosé in the French peninsula of Saint Tropez, but built with the intention of a modern and inclusive brand catered to drinkers of all backgrounds.
The brand donates a portion of its proceeds to various organisations focused on advancing racial justice and creating opportunities for people of colour in the wine and spirits industry.
“Minority-owned businesses are under-represented in our industry and there is a real need to make it more equitable for those businesses to receive access to capital,” said Bill Newlands, president and CEO of Constellation Brands.
He added: “This initiative enables us to play a role in creating greater equity within our industry and provides an opportunity for us to work with bold leaders and brands with unique value propositions that align with our premiumisation strategy.
“La Fête du Rosé is certainly that, as Donae has taken a consumer-first approach to building a distinctive rosé brand that authentically reflects today’s multicultural consumer values.”
Donae Burston, founder and CEO of La Fête du Rosé, said: “People like to see themselves in anything, and that’s what we’re trying to do with La Fête du Rosé – create an exceptional liquid and brand that’s focused on reaching a wider audience.
“It has taken a lot of hard work to get the brand to where it is today. Constellation Brands is the right partner to allow us to scale the brand in a way that stays true to its ethos.”
The investment comes over a year after Constellation acquired a minority stake in Press Premium Alcohol Seltzer through its Focus on Female Founders programme.
© FoodBev Media Ltd 2021
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial