Executives for Modelo Especial owner Constellation Brands said Thursday their sales have fizzled out thanks to President Donald Trump’s crackdown on illegal immigration.
“Efforts to go to restaurants, to have social gatherings, things that are very much beer occasions, have softened in the more recent term,” Constellation Brands CEO Bill Newlands said.
The executive said that Latino customers, who represent half of the beer brand’s customer base, have limited social gatherings, which Newlands said often include beer drinking.
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The beer executive said the company’s research has shown Hispanic customers have felt the impact of job losses in industries with higher-than-average Latino employment.
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Andrea Teixeira, a J.P. Morgan analyst, said, “We
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