Family Wineries: Fabulous Rise & Dreadful Fall of Taylor Wine Company

Thomas Pellechia, Over a Barrel: The Rise and Fall of New York’s Taylor Wine Company. State University of New York Press (excelsior editions imprint), 2015

Some say that Hammondsport, New York was the real life inspiration for the town of Bedford Falls, the setting of Frank Capra’s classic film It’s a Wonderful Life. The film chronicles the story of how families struggle to survive in a harsh world of impersonal economic forces and very personal hopes and fears. It’s one of the saddest films ever made and one of the most hopeful, too, since love and hope triumph over greed and despair in the end.

Hammondsport’s real story, as chronicled in Thomas Pellechia’s new book, is as fantastic as Capra’s film, yet it is well-researched fact not dramatic fiction. Hammondsport was the center of the Finger Lakes wine industry starting in 1860 and the Taylor family’s wine company grew to be both its largest business and, in due course, one of the largest wine companies in the United States.

Rise and Fall

Pellechia, a writer and journalist who lives in Hammondsport, plots the Taylor family firm’s dramatic rise to national prominence and then its precipitous fall. The book is well documented, as befits the product of a university press, but also very personal. As a resident of Hammondsport, Pellechia must see the consequences of Taylor’s rise and fall all around him every day. And the many in-depth interviews that form the core of the book give us a glimpse into the personal stories the parallel the corporate history.

Wine drinkers in the 1970s could not avoid mention of Taylors and its brands. Wine drinkers today might never notice its remaining products. How did this happen?

The big story is a familiar one. A successful family business expands and for a variety of reasons becomes a publicly traded corporation. The founding family eventually cedes control (does this sound a bit like the Robert Mondavi winery story so far?) and a string of corporate mergers and acquisitions follow. The most valuable business assets of the original company (which included Taylor’s effective distribution network, according to Pellechia) are exploited while the natural foundation of the business (vineyards and wine) deteriorate from lack of investment.

Beyond the Big Story

I find the big story as Pellechia tells it very compelling, but I have to admit that the sub-plots attracted my attention, too, if only because the cast of characters is so interesting. The first big corporation acquire Taylor’s, for example, was the Coca Cola Company, which made the New York company the cornerstone of its Interim Wine Group strategy, which expanded starting from Taylor’s New York base.

Wine didn’t prove to be the synergistic business that Coke thought it would be and they spun off the operation. The Wine Group how thrives as a privately-held company, maker of high volume Franzia wines and a host of others brands including the very hot Cupcake line. It is the second largest wine producer in the U.S., according to Wine Business Monthly, with U.S. sales of 57.5 million cases.

The Seagram Company was the next to take up Taylor’s business, but the Bronfman family soon shifted their focus from drinks to entertainment. Taylor’s was shuffled to Vintners International and then, in much weakened condition, to the Canandaigua Wine Company, which you will be more familiar with by its current name, Constellation Brands. Constellation is the #3 wine producer in the U.S. today , but at its peak a few years ago it was the largest wine company in the world.

Taylor Today

The New York Taylor brand still exists in the Constellation portfolio as a popular line of fortified wines (Taylor Desserts). Looking at that bottle of Taylor Port, it is hard to imagine the rise and fall that it represents for a family, a company and a regional industry and even harder to imagine all the lessons (about wine, family, corporations, economic forces and so on) that it represents.

That’s why it is important to have books like Over a Barrel to make sure that the stories are re-told and the lessons not entirely forgotten. This book connected a lot of dots for me and I recommend it. Come back next weeks for more thoughts about family businesses and their importance in the wine industry.

Why Haven’t Corporations Crushed the Family Wine Business?

The featured essay in the current issue of The Economist newspaper focuses on family businesses and makes the case that they are a surprisingly robust feature of post-industrial capitalism.

This struck a note with me because the next two scheduled Wine Economist columns deal with different aspects of family wine businesses.  The Economist survey, which is written by Adrian Wooldridge, would make great background reading to what’s coming up here.

All in the [Wine] Family

The conventional wisdom, as The Economist explains, is that family businesses were a natural fit with early capitalism, when trust was at a premium and finance mainly came from within the family or the firm itself. The principal-agent problem can be mitigated somewhat if principal and agent are part of the same family unit. And family members can be more reliable (and patient) sources of finance than others.

There are problems with family firms, however, which are said to limit their scale, scope and longevity. One problem is generational transitions, which are often difficult (in business as is other aspects of life). The British have a saying that it is “clogs to clogs in three generations” as the dynamism that built the family firm is dissipated and the business eventually shrinks, fails, or falls into the hands of outsiders. You can probably think of examples of this from your own experience. I have heard it said that it is “shirtsleeves to shirtsleeves in three generations” here in the U.S. and it amounts to the same thing.

The conventional wisdom, descended from management guru Alfred Chandler and others, is that the modern company is increasingly rationalized and best run by highly-trained hired professional managers not hereditary top dogs. The irrational, unprofessional family necessarily plays a smaller and smaller role.

Talkin’ ‘Bout My Generations

The Economist makes the point that successful family companies have adapted in many ways. In some regions (Asia is highlighted) and some sectors, they have achieved conventional wisdom-busting dominance.  Under the right circumstances, it seems, family companies more than hold their own again publicly-traded competition.

Would it surprise you if I said that several of The Economist‘s examples of successful family firms come from the wine industry? I hope not, because that’s one of the themes I aim to explore in the next two columns. What wine companies get spotlighted? The first is very old indeed. The family behind Marchesi Antinori has been in the wine business for 26 generations. Giovanni di Piero Antinori entered the Florentine winemakers’s guild in 1385. That’s a lot of family wine history!

The second example is very different. The Economist cites Bernaud Arnault’s family ownership of Möet Hennessy Louis Vuitton. LVMH is a world class luxury goods conglomerate with substantial investment in wine and spirits brands, but I’m not sure if it is as much a multi-generation family company as a closely-held company (especially compared to the Antinori). But the success is still important and, as you will see, privately-held firms play a role in my analysis, too, and stand in general opposition to Chandler’s orthodoxy.

Another informative example of this type is the Rupert family of South Africa. The Ruperts have built a considerable luxury goods empire through their Richemont holding company. Richemont controls many familiar brands including Cartier and Alfred Dunhill. Anton Rupert was an important force in the development of the contemporary South African wine industry and the family is today well-known for its South African fine wine projects including Rupert & Rothschild, Antonij Rupert and La Motte.

Beyond the South Sea Bubble

The last example given is Berry Bros. & Rudd, the London fine wine merchant that has been in business since 1698. The discussion of BB&R focuses on the ability of families to ride out short term crises while keeping an eye on the horizon. Once your business has lived through the South Sea Bubble, seventh generation company chief Simon Berry quips, you are ready for whatever the modern economy throws at you.

Berry’s comment actually understates the situation because all business have to deal with the disruptive consequences of financial crises and macroeconomic cycles. The situation for wine businesses is even worse because wine is fundamentally an agricultural product and so is subject to natural harvest variations as well as boom-bust “cob-web” cycles of high prices, over-planting and decline or collapse. Any wine business — public, private or family — must navigate an unusually treacherous sea.

What’s the key to the success of family wine businesses? And what happens when family firms turn corporate? It’s impossible to generalize because there are so many diverse factors, but I think we can learn something from case studies. Come back next week for the family boom to corporate bust story of the Taylor Wine Company. Cheers!


This week’s Economist also includes a very short article about investing in wine.


Creative destruction? The Who ta-ta-ta-talk about their genereation.

Celebrating Malbec World Day 2015

April 17, 2015 is Malbec World Day — a great opportunity to pull the cork on a bottle of Malbec wine and to appreciate how quickly this grape variety has come to be an important part of the U.S. and global wine scene.

I have a warm spot in my heart for Malbec because it reminds me of all the nice people and great wines Sue and I encountered during our visit to Argentina a few years ago.  So many interesting experiences learning about old vine Malbec from Roberto De La Mota at Mendel winery, about Malbec -Cabernet blends at Catena and that Argentina is much more than Malbec at a special tasting arranged by Andrés Rosberg.

My appreciation of Malbec deepened when I was asked to take part in the award-winning 2011 documentary Boom Varietal: The Rise of Argentine Malbec produced by Kirk Ermish and directed by Sky Pinnick.  The economics of the Malbec story came to play a surprisingly large part in the film and so I had more screen time than I would ever have expected.

Malbec’s story is inevitably associated with Argentina, but it has become a world-wide phenomenon, breathing life into the Malbec industry back home in its native France (where it is often called Côt) and opening doors to wine-growers around the world (perhaps especially here in the Pacific Northwest).

I’ll be toasting the rise of Malbec with a glass of … what else? … Argentinean Malbec on April 17. Please join me. Cheers!

Premiumization: Is This the Wine Market’s New “New Normal?”

Is the current U.S. wine market the new “new normal” — can the recent upmarket shift in wine sales be sustained into the future? Two recent Wine Economist columns have detailed the surprising bifurcation of the U.S. wine market and tried to understand what forces are behind it. Wine sales below about $9 are stagnant or falling while upmarket sales revenues are increasing, with the largest percentage rise in the $20+ segment.

This is a surprising state of things, I argued two weeks ago, because the conventional wisdom once held that the Great Recession had created a “new normal” that centered on trading down behavior and discounting strategies. Not many people argued that we’d be “trading up” in the post-recession world.

And, as I noted in last week’s column, it is not clear that it is a simple return to previous behavior. I analyzed several theories for the change and concluded that none of them told the entire story, but together they explain the situation fairly well. So now we have to ask if those trends will continue — if the new market structure is the new “new normal” — or if the upmarket movement is unsustainable.

My answer — typical of an economist — is that it depends. It is really too soon to tell what will happen in the long run because there are so many unpredictable factors to consider. But since I asked this question I feel I ought to give more of an answer, so here’s my attempt at crystal ball gazing.

It’s too soon to tell about the U.S. market in the long run, but the current pattern is likely to be sustained for the medium term, although not necessarily due to the same factors that created it in the first place. Here’s my reasoning.

Decline and Fall of Down-market Wine

Inexpensive wines are not going away, but it seems unlikely that they will soon return to solid growth. This might be because of the alleged “bad wine” effect that I talked about last week, but it is more likely due to supply-side effects.

With water issues rising to the surface almost everywhere and higher irrigation costs in many places, the economic sustainability of low-cost wine grapes is in serious doubt at current prices. Jeff Bitter’s presentation at this year’s Unified Symposium in Sacramento included photos of acres of healthy Central Valley grapes left to rot on the vine because they were not worth the cost of harvest this year and probably not worth irrigation costs next year.

What is the future of these vines? Thousands of acres of vines have been grubbed up in California in recent years to make way for other crops with higher potential value — almonds and pistachios are the most frequently cited crop alternatives, but I’m sure there are others.  Imported bulk wines can easily fill in the gap left by falling California production in the short run, but sustainability issues (both economic and environmental) are a global phenomenon.

Low-cost wine grapes (and the wines they produce) are not going away, but there is limited incentive to invest here and so the focus is upmarket, where margins are better and business sustainability is more feasible.

Up the Down Staircase?

The upmarket movement in wine sales is likely to be sustained at least for some time because it is driven by factors affecting both demand and supply that are not specific to the U.S. but part of strong global trends. The supply-side element is easy to understand. Intense competition has cut margins on basic wines to the bone (and even deeper than that in some markets). Follow the money, Deep Throat said, and wine producers are listening to that advice now more than ever.

Once again, that doesn’t mean that basic wines and the bulk wine trade that has evolved around them are going away. It is simply that this is not the market segment that will get investment in future. Producers are likely to focus even more on the premium, super-premium and ultra-premium segments in the future. Every wine producer I have talked with around the world is focusing on moving up the up staircase and plotting effective distribution and marketing strategies.

On the demand  side I would point to the increasing importance of retailers like Trader Joe’s and Whole Foods and their many upscale local market competitors that attract customers by providing them with a sense of authenticity and affordable luxury in the quotidian consumption experience.

Products of origin and artisan creations with sustainability credentials — these are the hallmarks of the new retail environment and upscale supermarkets and a growing number of their customers seek out wines that fit that profile. Even hard-discount Aldi is playing along on the wine aisle, providing unexpectedly premium wines in their U.K. stores.

Bronco Busting

Don’t believe that the shift is important? Well, it wouldn’t be the first time that I’ve been wrong, but I think you will find evidence all around you if you look for it. Let me give you just one data point to get you thinking.

Consider the Bronco Wine Company, the famous maker of Two Buck Chuck and many other inexpensive wines. Bronco chief Fred Franzia once said that no wine should cost more than $10 and he built the 4th largest wine company in the U.S. by making those wines both for his own labels and, under contract, for other firms.

Where is Bronco headed today? Well, Two Buck Chuck is still in the picture and I think it is probably still selling about 5 million cases a year as it was the last time I wrote about it. But Bronco is busting out of that market segment via a variety of new products that, while they don’t aim for Screaming Eagle or DRC cult status still fit the profiles I’ve outline here. Several of Bronco’s wines illustrate the upmarket trends that I see for the future, including Garnet and Green Truck.

Garnet Vineyards are maybe not what you’d expect from the maker of Two Buck Chuck. They are all about cool climate Chardonnay and Pinot Noir from Monterey and more cool climate Pinot Noir from the Sonoma Coast. The highly-regarded Alison Crowe (author of the popular blog The Girl and the Grape)  makes the wines . The Garnet Rogers Creek Vineyard Sonoma Coast Pinot Noir ticks the boxes key to buyers seeking authenticity and sells for $29.99 on, about ten times the price of a bottle of Two Buck Chuck.

(Editor’s note: Bronco is the sales agent for Garnet but does not make this wine — see Alison Crowe’s comment below, which clarifies the relationship. Thanks to Alison for her correction.)

The long list of wines that Bronco produces and/or distributes includes six different organic wine brands plus a number that are vegan-friendly. Green Truck wine from Mendocino County is a good example. The wines are made from organic grapes and when I searched to see the nearest retailer to me there was Whole Foods near the top of the list.

Buckle Up!

Wine is looking up! The new normal will focus on wines that tell as good a story as other contemporary market products, such as craft beers and spirits and locally-sourced food products. It’s a great opportunity for wine producers, but the market is very competitive and will only get more so.

Buckle up!  It’s going to be a wild ride.


I thought you might enjoy this 2007  video of  wine critic Oz Clarke and “Top Gear” presenter James May meeting Bronco’s Fred Franzia. Their reaction to Two Buck Chuck may surprise you. Cheers!

Business Summit Talk: How to Make a $mall Fortune in the Wine Business

Wine Economist readers in the Pacific Northwest are encouraged to come to the Walla Walla Business Summit at the Marcus Whitman Hotel in Walla Walla this Friday, April 10, 2015. I’ll be joining a solid line-up of business speakers in this day-long event (which concludes with a wine reception, of course).

My topic? “How to make a $mall fortune in the wine business (and other lessons for people in and out of the wine game).” I’ll be drawing upon some ideas found in my forthcoming book, Money, Taste and Wine: It’s Complicated!  I hope to make my comments relevant to both wine industry people and the general business community. Interested? I look forward to seeing you in Walla Walla.


Trading Up? The New Conventional Wisdom About the U.S. Wine Market

Last week I wrote about the unexpected state of the U.S. wine market today, where sales of wines above about $9 are strong and growing while the below $9 segments are stagnant or in decline. Thinking back to the dismal state of the wine market a few years ago, with trading down and heavy discounting, the current situation comes as a big surprise.

What accounts for the transformation of the U.S. wine market? And is this the “new normal” that we should expect for future years? Let’s look at the emerging conventional wisdom on these questions.

Trading Up?

I don’t know many people who think that the shift toward more expensive wines is a simple reversal of the recession years’ trading down, although that doesn’t mean that it doesn’t happen. Consumers seem as price sensitive as ever, which is why store shelves are still papered with “shelf talkers” like the one shown here that beckon buyers with discounted prices.

Yes, discounting is still going on, although perhaps not quite at the same level as during the Great Recession. The best argument for trading up is that consumers who had an opportunity to sample better wines during the deep discount days and  liked them now are feeling more economically secure and are continuing to buy them at higher prices. I’m sure that this is happening to a certain extent, but I don’t think it is the whole story.  Consumers are simply too focused on price to have suddenly changed.

Price resistance means that most consumers aren’t willing to pay more for the same or similar wine, but they are willing to spend more for something different. Who is doing this?

The Millennial Theory

One theory holds that the changing shape of the wine market is driven by younger wine drinkers — we often call them the millennials here in the U.S. but I have also seen the term “echo boomers” used and Constellation’s latest Project Genome study calls them “engaged newcomers.” As a group they tend to buy wine less frequently than some other groups (they also drink spirits, craft beers and so on) but spend more per bottle. This is the opposite of my behavior as a young wine drinker and probably a good thing.

If what we think we know about millennials is true, then they can account for some of the trend towards higher price wine sales, but they are certainly  not the whole story.  They don’t explain the shift away from lower-priced wines because they were never the driving force there. And they cannot account for all of the upmarket shift because at this point they don’t buy enough wine to move the whole market this way. Millennials are part of the story, but not the whole answer. What else?

The Bad Wine Theory

One very interesting theory is that the relative quality of wine below about $9 has fallen, driving customers away in search of something better to drink. They have found it, too, in craft beers, ciders and spirits.

W. Blake Gray recently made this point in a column titled “Wine under $10 sucks. Should we care?”  Tim Atkin made a similar point about wine in the UK market.  It’s very difficult to find decent wine below £5, he says, which is a change from the past.

A recent article on Bibendum’s website tells the sad UK story, which this graphic illustrates. If you want to get value in wine in the UK, it seems you have to move upmarket. The actual cost of the wine is more than a third of the total cost of a £20 bottle, but less than 10% of the cost of a £5 wine. Shocking!

This deteriorating value of inexpensive wines, if true, is a surprising situation. Only a few years ago we experienced something of a revolution when the character of commercial quality wine improved  quite dramatically (I called it the Miracle of Two Buck Chuck in my book Wine Wars). A structural surplus of decent wine and grapes on the U.S. and world markets made it possible for winemakers to assemble products at low price points that rivaled some brands in higher price segments. The unexpected value they provided drew millions of consumers into the wine markets Is poor quality and value pushing them away?

Well, poor value is certainly part of the answer in the U.K., where high wine duties have distorted the market and undone much of the miracle of the past. And I have some friends in California who complain that cheaper and lower quality bulk wine imports are now filling bottles of California-brand wine. The brand is associated with California (like Barefoot, for example) but the wines themselves come from many places (and are so-designated on the packaging).

Have quality and value suffered? I’m an economist not a wine critic, so I will leave it up to you to decide, but some of my California friends think that’s what’s happened. If this is true, then where is the better California wine going? Some of it is sitting in tanks, which are pretty full after a couple of generous vintages in a row. The rest? Some of it, I think, fills the bottles of wine brands specially created for the new market environment.

The Branded Age

This supply-side theory holds that smart wine executives have noticed that many consumers are willing to pay more for something different (and are put off by the commodity wines) and they have responded by creating new brands to fill specific upscale market niches. This helps explain the great proliferation of wine brands and even virtual wineries on the scene.

Each year I enjoy Jon Fredriksen’s talk about the state of the U.S. wine market at the Unified Wine and Grape Symposium, but recently I have noticed that his list of the hottest wine brands is full of unfamiliar (to me) names. These aren’t new wineries, simply new brands created by innovative existing large- and medium-sized wine firms.

Jon’s data suggest to me that these are some of the wines that are attracting buyer interest and pulling the market along. An example? Take The Wine Group, which is the second largest wine producer in the U.S. with 57.5 million case sales according to Wine Business Monthly. A few years ago I thought of them in terms of brands like Almaden and Franzia wines, which are  in that lower market tier that is stagnating today.

Now when I think of The Wine Group I think of Cupcake Vineyards, which at 3 million cases is small compared to Franzia’s 26 million, but perfectly fits that upmarket profile and is often priced right at or just above key $9-$10 threshold along with Apothic, 14 Hands and other hot brands.

Which Theory? The New New Normal?

No single theory explains what has happened and the market is full of special cases. Take Argentinian wines, for example. Customers are buying more expensive products from Argentina now in part because the cheaper labels have disappeared. With inflation still soaring and the exchange rate stuck, many Argentinean firms cannot afford to export cheaper Malbecs to the U.S., which shifts the center of gravity upmarket.

All these ideas (and others, too) are part of the explanation of today’s transformed market. It’s a perfect story of effects (or a train wreck, depending which end of the market you are in). Is this the new “new normal” and, if so, how long will it last? That’s a question for next week.


Thanks to everyone who commented on last week’s columns — great ideas! Keep them coming.

The Surprising Rebound & Unexpected Bifurcation of the U.S. Wine Market

Let’s climb in my time machine and go back a few years to 2008-2009, when the impact of the global financial crisis was beginning to be felt in the wine markets. It was a pretty gloomy time and there was a lot of talk about the need to reset our expectations to the “new normal.”

Gone were the days of great expectations as everyone scrambled to cope with the changing economic and consumer environment. What did we imagine the future would hold? Well, opinions varied, of course, but the “conventional wisdom” generally revolved around a few dire trends.

Trading Down and Trading Over

One of the most-cited trends was trading down. It sure looked like wine consumers were pulling away from wines at higher price points and shifting to less expensive products — or even moving away from wine altogether. Here’s a video that captures the moment fairly well (it was the first time I was ever interviewed by an animated character)

Trading down seemed like an unstoppable force at the time, although I suggested that it was more complicated. I noticed the strength of the Barefoot wine brand and proposed that it wasn’t just the price of the wine that made it so appealing to recession-battered wine drinkers, it was also the casual image that it offered with its surfer dude footprint in the sand style.

No one wants to admit to themselves that they are trading down, I wrote. Not good for self-esteem. But we can all embrace the idea of trading over — over to a more relaxed, less serious (and incidentally also maybe less expensive) idea of wine. Relax (there is even a brand of Riesling called “Relax”) and just enjoy wine. That’s what I thought I saw in the marketplace.

The $20+ Dead Zone

Whether it was trading down or trading over, the result was the same: the $20 and up segment of the wine market was declared a “dead zone” where nothing moved.  People still drank more expensive wines, then just didn’t buy them. They “drank up” from their cellars rather than “trading down” at the wine shop.

Wineries found that many wine club members were pulling back from scheduled shipments. Restaurant wine sales took a very big hit, too, as consumers dined out less frequently and economized on wine purchases when they did. Restaurants coped by trading down themselves, putting more pressure on wineries.

Dumping, Discounting and Flash Sales

Some wineries held their prices and absorbed inventory accumulations rather than discount or dumped excess wine on the bulk market (where Cameron Hughes and others found some outstanding bargains for their customers). They saw price cuts as a one-way street. You can lower prices, but can you raise them back up again when good times return?  Some wineries split the difference by bringing out second labels to sell for less — chateau cash flow wines — while holding the price line on prestige brands.  Lots of mistakes were made along the way and some wineries fell out of the market.

Many discounting strategies were rolled out. Safeway stores began running promotions where $20+ wines could be purchased for 30% off the regular price (or 40% off with a 6-bottle purchase) — a clear attempt to reduce inventories in the “dead zone” category. A number of “flash sale” wine websites appeared that allowed wineries to sell off surplus stock quickly and outside of the usual sales vectors.

Sometimes wineries found themselves caught in competition with their own wines as buyers (wine club members, restaurants, a few distributors) dumped their stock back on the market, under-cutting carefully calculated producer pricing strategies.

There were some great bargains for buyers who recognized them (and had the credit card headroom to take advantage), but there were not very many true winners among wine producers, especially those in the higher price ranges. The frankly defensive strategy of generating cash flow while protecting key price points was the best that many wineries could hope for.divide

Up the Down Staircase

Would consumers shift back when the recession was over? Not many people held out hope for a reset of the reset. So the current state of the U.S. wine market, which Jon Fredrikson has called “A Tale of Two Markets” comes as something of a surprise.

The U.S. wine market has split in two as the table above shows. (The table shows recent data for off-premises wine sales as measured through the particular retail channels monitored by the Nielsen Company. These data are indicative of what’s going on in the broad market.)

While the market is expanding at a moderate +3.4% pace (at least it is growing, unlike wine markets in some Old World regions), there is a clear division between wines selling at prices below $9 and those that sell for more. Although the cheaper wines make up the majority of the market by volume, they are shrinking in dollar sales value, especially the $6.00 to $8.99 segment.

The New Conventional Wisdom?

More expensive wines, on the other hand, represent a rising market segment. All price segments over $9 are growing as per these data, with the fastest growth at the highest price point — $20 and above!

This is truly a dramatic turnaround for U.S. wine. What is behind this unexpected change?  I’ll survey the new conventional wisdom in my next column.


BTW that’s a really old picture of me in the video — I hope that  I’ve improved with age since 2008. The Costco reference is a bit off in that interview, too. Costco sells wine at a low mark-up, but they don’t try to compete at the very bottom of the market as the video images suggest. I don’t think I’ve ever seen boxes of Franzia at a Costco, for example.


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