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  • Spirit of Gallo Backs Condesa Gin, Wonderbelly Lands $12M 💰

Spirit of Gallo Backs Condesa Gin, Wonderbelly Lands $12M 💰

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CPG WIRE
April 16, 2024

Welcome back to This Week in CPG, folks. Hope y’all had a relaxing weekend and a productive Monday. We have lots to cover so let’s get into it:

  • AWAKE raises $5M CAD 🍫

  • Charlotte Tilbury launches fragrances 🫧

  • Josie Maran expands into haircare 🆕

  • TEABIRD Hard Tea debuts 🍹

  • Peroni rebrands 😍

Spirit of Gallo Backs Condesa Gin 🍸

Spirit of Gallo, the third largest spirits player in the U.S. by volume, is making a strategic investment in Condesa Gin and will become its exclusive importer for the U.S. 

Founded in 2021 by Hillhamn Salome, Jordi Nieto, and Ben Brooksby, Condesa is a super-premium gin brand that’s inspired by and produced in Mexico City. Hillhamn Salome, the master distiller behind Condesa, also founded Flor de Luna (which produces Condesa) in Mexico City which was the country’s first female-powered distillery. 

Condesa Gin currently sells two varieties — Clásica and Prickly Pear & Orange Blossom — both of which retail for $39.99. Per IWSR, the super premium gin category is expected to grow at a 6.1% CAGR over the next five years. 

Lately, Spirit of Gallo has been an active acquirer and investor. In addition to backing Condesa Gin, Spirit of Gallo also purchased Fishers Island Lemonade and invested in Komos Tequila and Horse Soldier Bourbon. 

Gin has been a pretty hot category lately. The most obvious example is Diageo purchasing Aviation Gin for up to $610M in 2020, but there have been a number of other transactions. Brown-Forman, the owner of Jack Daniel’s and Herradura Tequila, acquired Spanish ultra-premium gin brand Gin Mare for an undisclosed sum in late 2022. Lion Group, a subsidiary of Japanese beverage giant Kirin, bought Australian craft gin distillery Four Pillars in 2023. Lastly, Milestone Brands purchased Empress 1908, and Campari Group scooped up Del Professore. 

More on the deal here.

Deals 💰

Fundraising

  • Caffeinated chocolate brand AWAKE has raised $5M CAD from Btomorrow Ventures, the corporate venture arm of British American Tobacco (BAT). Btomorrow previously backed AWAKE in 2021 and 2023. LinkedIn

  • Digestive health brand Wonderbelly secured $12M in Series A funding. Axios 

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Charlotte Tilbury, the makeup brand that Puig acquired in 2020 at a valuation of £1.2B, is expanding into the fragrance category with six “mood-enhancing” scents. The bottles are inspired by 18th century alchemy bottles and will debut on April 30th. WWD

  • Former JD and HanesBrands exec Xia Ding has joined Sephora as its Greater China Managing Director. Sephora recently launched two “stores of the future” in Shanghai and Wuhan so the company is clearly bullish on its prospects in China. PR Newswire

  • Josie Maran, a skin & body care brand that’s powered by argan oil, is expanding into the haircare category with a shampoo & conditioner duo. The new haircare line will debut on QVC on April 19th. The packaging is gorgeous👇 WWD

Food, Beverage, and Alcohol

  • TEABIRD Hard Tea officially made its debut. The Austin-based beverage brand was founded by Brandon Cason and produces spiked sweet tea. The packaging is terrific and hard tea is a booming category, so it’ll be interesting to see if TEABIRD gets traction. PR Newswire

  • Formula 1 star Charles LeClerc launched a low-calorie ice cream brand called LEC. The packaging is brilliant. LEC

  • BFY beverage brand Better Booch is rolling out a slightly refreshed look. They’re also launching 12 oz. cans. BevNET

  • Italian beer brand Peroni unveiled a sleek brand refresh that was facilitated by Smith Lumen, a Milan-based design agency. I miss the old packaging but the latest iteration is cleaner and will resonate with a different audience. The Dieline

  • It appears that football star Neymar will partner with Miami-based beverage firm Fun Brands to launch a line of RTD cocktails and mocktails. We don’t have many details but the brand will launch in Brazil then other global markets. Business Wire

  • Roughly two weeks after Ghost x General Mills Protein Cereal launched, General Mills is launching another high protein cereal — Wheaties Protein. The new line will be available at select Walmart stores. Business Wire

  • TeaPot, the cannabis-infused iced tea brand from The Boston Beer Company, launched its newest flavor — Blackberry Rooibos. PR Newswire

  • East Imperial, the New Zealand-based mixers brand, was unable to pay its redemption notice and will likely file for bankruptcy. The Grocer

Data 🖥️

  • Consumers are drinking a lot of beer and Constellation Brands is benefitting. The owner of Modelo Especial and Pacifico saw 8.9% depletion growth from December to February. Reuters

  • Nate Cooper, the founder of Barrel Ventures, shared some fascinating OLIPOP data. Twitter

Distribution News 🚚

  • Lemon Perfect is now available nationwide at 7-Eleven.

  • Spiked coconut water brand Sunboy launched at Binny’s Beverage Depot.

  • Women’s wellness brand Cheeky Bonsai launched two SKUs at Walmart.

  • Self tanning brand Australian Glow launched at CVS.