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Guinness owner Diageo targets $1B in cost savings
['Laurel Deppen', 'Sarah Zimmerman']
Food Dive - Latest News
Please let us know if you have feedbackDive Brief:Guinness owner Diageo unveiled a $1 billion savings plan during the next three years to turn around the business.
The savings will be invested in “relevant brands in competitive categories,” such as Smirnoff and Captain Morgan in ready-to-drink beverages.
Guinness remains a growth spot for the company, and Diageo said it plans to “leverage this opportunity more fully.”
Lewis said Guinness and the broader RTD category are “strategic battlegrounds” where he feels confident Diageo can win.
In growing RTD, Lewis said Diageo will focus on innovation from existing brands, as opposed to acquiring or launching new ones.