Foster’s and Grupo Modelo extend Corona partnership
Foster’s Group Limited (Foster’s) and Grupo Modelo, brewer of Mexico’s leading exported beer Corona Extra, today executed an early extension to an exclusive license to sell and market Corona Extra in Australia.
Since 1988 when the partnership began, Corona Extra has grown to become Australia’s number one premium imported beer and the seventh largest beer brand by value in the Australian market. “We have a longstanding relationship with CUB and we’re delighted it is set to continue,” said Mr Jose Pares, Global VP Sales and Marketing. “We are extremely pleased with Corona Extra’s performance in Australia and are confident CUB will continue to manage Corona Extra for future growth.”
A delegation of Grupo Modelo executives signed the multi-year agreement in Australia last week, ahead of the existing license’s expiry date at the end of 2010. It is believed that Corona Extra generates more than $65 million for the Australian company. The company’s license for the $15 million Stella Artois brand is believed to be due for renewal soon.
“Corona is a lead brand in the CUB portfolio and we’re delighted to cement our partnership with Grupo Modelo,” said Mr Johnston, CEO Foster’s Group. “We value this extended long term agreement and are proud to have built the Corona brand into Australia’s favourite imported premium beer.”