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July 1, 2020, 7:29 a.m. EDT

Constellation Brands acquires direct-to-consumer wine brand Empathy Wines, no terms disclosed

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By Ciara Linnane

Constellation Brands Inc. /zigman2/quotes/207737284/composite STZ -2.29% said Wednesday it has acquired Empathy Wines, a direct-to-consumer wine brand that was co-founded by entrepreneur and media personality Gary Vaynerchuk with business partners Jon Troutman and Nate Scherotter. The company makes sustainable wines sold through an e-commerce platform using digital marketing with a price point of $20 a bottle. Chief Executive Bill Newlands said the deal is part of a strategy that aims to build a direct relationship with consumers. The brand has sold about 15,000 cases of wine since it was launched in 2019. Terms of the deal were not disclosed. The brand will be integrated into Constellation's existing wine and spirits portfolio. Shares were up 1% premarket, but have fallen 8% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% has fallen 4%.

/zigman2/quotes/207737284/composite
US : U.S.: NYSE
$ 187.81
-4.40 -2.29%
Volume: 1.62M
Sept. 18, 2020 4:04p
P/E Ratio
N/A
Dividend Yield
1.60%
Market Cap
$37.13 billion
Rev. per Employee
$842,260
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/zigman2/quotes/210599714/realtime
US : S&P US
3,319.47
-37.54 -1.12%
Volume: 4.09B
Sept. 18, 2020 5:15p
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