Billionaire Stewart Resnick’s Fiji Water LLC acquired Justin Vineyards & Winery in Paso Robles, California, for an undisclosed price, adding upscale wine to his investments in bottled water and pomegranate juice.
Fortune Brands said it will split into three businesses, spinning off or selling its home and golf units while retaining its higher-growth liquor business.
The National Restaurant Association released its annual list of food and drink trend predictions for 2011, based on a survey of more than 1,500 chefs and other food/service professionals. Top trends for 2011 are anticipated to be: micro-distilled/artisan liquor; locally-produced beer and wine; culinary cocktails; and beer dinners and beer-and-food pairings.
Spirits are taking volume share from beer, according to a report from Deutsche Bank’s Marc Greenberg. He expects this trend to continue "as major U.S. brewers remain myopically focused on pricing."
British composer Andrew Lloyd Webber will sell up to $4.1 million of fine wines in an upcoming Sotheby’s Hong Kong auction, aimed at tapping soaring demand for fine vintages among Asian wine collectors.