Laura Cooper

Earlier this year, we actually saw that French spirit giant, Pernod Ricard, and Brown Foreman, which owns Jack Daniels and is based in Louisville in Kentucky.

were discussing a potential deal that fell apart a little while later.

But my understanding of it was they were interested in it because of the synergies geographically.

But also since then, we've seen folks like Sazerac, also based in Kentucky, interested in Brown Foreman.

Or for instance, they recently did an investment in 818 Tequila.

So I think there are opportunities that folks are seeing in this market.

Yes.

And I will say that the bourbon industry is a very proud industry.

They're considering different things.

The harder things are turning off your stills for a certain amount of time.

We're also seeing a lot of folks move into small bottles of alcohol, which is picking up steam because of affordability.

Jim Beam has infused its alcohol with pineapple, which is

resonating with younger legal age drinkers.

And then on top of that, there's Citrus Sin, which is a citrus non-alcoholic drink that bears the Jim Beam name.

And that is a very interesting thing to see Jim Beam, traditionally a very well-known bourbon, breaking into the non-alcoholic space.

But I think that speaks also to what we're seeing from consumers.

No problem.

Thanks so much.

So for the holidays, if you're picking up champagne or cava, just enjoy the prices while you can.

People I've spoken to have said they expect between 15% and 30% increases on wines coming from the EU because of the tariffs that were put in place by President Trump.