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Welcome you -- this edition of conference I'm Jeff Flock fortunate.
To be joined by -- longtime vice president -- form one of the nation's most successful spirits companies.
Tom -- the general manager of the specific urban.
Would -- -- but if anybody knows anything about her -- -- that you probably drinking.
Talk about innovation today him.
Business has -- on innovation around woman 50% return on investment over the last two years for the stock.
And because of -- What about -- principal -- is driven home.
Well it's really innovation I mean if you took a look at what the reserve double -- -- would reserve master's collection Jack Daniel's Tennessee honey or.
Only time fired either these are all new -- about fifth in the last couple of years -- you there because you -- Jack and it's got to be the biggest cash now and most known.
Spirit in the world.
Why would you and that's what.
Well we don't really like the term cashed out -- -- lives that were just milking it and in fact tax gain of one of the great growth stories in the industry.
But over the years we've had about four different new products and Jack Daniels out of your fifth 1860s so we think that the reasonable about.
Tennessee honey -- the -- the most recent one.
But in the late nineties -- Jack Daniel's single barrel and then in the late eighties agreement gentleman Jack so we've done various innovations we've done.
But cannibalize the main.
Product by introducing new no that's right Jack Daniels black levels continue to be a great growth story for Jack -- merely for the company for brown Foreman.
Nearly eleven million cases now.
And that's a real takeaway for other businesses that have a business that successful.
He'll mention this double -- which ship for those who don't drink bourbon.
Back maybe even for those who do drinker but don't what that is so can't tell me what that is what would -- That's taken a regular seven year old product and putting it into -- second girl.
But you're getting more barrel sugars or -- sweetness.
You're opening a brand.
More consumers river folder flavor profile.
He's -- essentially invented what we should -- our viewers felt a little loud in here because you're filling.
Barrels of early times right right that's that's the innovation argued that -- -- that's been around for 200 years you get to know what it entered the final product.
-- you make it where it presents flavors represented group your targeting itself.
-- secret -- indignation.
When you're in established that it's all.
How do you advance the product without as I said.
Cannibalizing the success -- party where -- you have to be careful what you want -- be take measured wrist.
You don't want to bet the farm on something particularly with a brand like Jack Daniels or what but reserve.
But if you just they still you're gonna fall behind because.
Changes what the world thought about it innovation is what consumer products are all about so you have to.
Part about it that we think we are and we think that track record shows that.
You've also got to have money to invest in this I take it.
Doing the well I don't know maybe it wasn't a huge event with a double opening and he already had those barrels how does that -- Well -- -- Knowledge passed down from generation generation.
You match it up with your marketing group that recognizes trends in the industry.
And that you can do things on a small scale they were down.
-- ask you also before we.
In terms of innovating and investing.
In the current economic environment.
-- what role does that way for you in deciding whether or not to go -- the well the economic environment is improving victory here in the United States.
If you're a factor for years ago when the economy was really tanking.
We were careful about what we did we get a lot of value added packaging we didn't take any price increases if we want to you know -- rights are the consumer -- but in the last couple of years we've been much more breadth of that introducing new products.
The fact you were taking this year would take it right -- a lot of brands because we think the consumer's -- withstand it.
Curiously enough particularly your brand and overall -- super premium people are willing to pay more it seems if you drink less but.
Feeling better that's correct.
I want the quality you want the experience of knowing.
Roots in the processes -- -- life.
Victory that beverage.
They're -- or they can understand.
Take away gentlemen appreciate it very much -- thumb principles perhaps you can apply.
Your own business and conference Jeff Flock.
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