The brown family owns the brown Forman corporation that is one of the largest American owned companies that has ventured into wine and spirits business. The company is based in Louisville, Kentucky, and was founded in 1870. It is famous for the manufacture of several well-known brands all over the world that include Jack Daniel’s, Old Forester, Woodford Reserve, and many more other brands.
Brown Forman also owned southern comfort and Tuaca before he sold them off in the year 2016. In the year 2016, the company had sales that amounted to $3.08 billion. The family has roughly forty members and cousins that are the descendants of the founder George Garvin Brown, and they control more than 70% of the voting shares, and in the year 2016, the company had a net worth of $12.3 billion.
Inception
The company was established and founded in 1870 by the founder, whose name was George Garvin Brown, who was a young pharmaceutical salesman in the city of Louisville, Kentucky. He had a noble idea of selling top-grade whiskey in sealed glass bottles. In the year 2005, the company sold its Lenox division that was one of the oldest manufacturers of fine china in the united states of America that had been acquired in 1983.
In the year 2006, the company acquired the Chambord liquor brand for $US 255 million. The company boasts some of the best brands and produces them in several brands such as in American brands such as early times, Kentucky whiskey, Jack Daniel’s, Tennessee whiskey. Canada whiskey such as Canadian Mist, blended Canadian whisk, Collingwood, blended Canadian whiskey Scotch whiskey, BenRiach, single malt Scotch whiskey, GlenDronach, single malt Scotch whiskey Glenglassaugh, single malt Scotch whiskey. The company also produces wines and Vodkas.
Evolution
Brown–Forman was started backway in 1870, and he started the company with $5,500 that was saved and borrowed in Louisville, Kentucky. He began by selling whiskey in sealed glasses bottles so that he assured people that the whiskey was of high quality at a time whiskey was sold in barrels. The company changed its name several times. George Garvin entered a partnership with George Forman, who was his accountant and friend, and that’s how Brown-Forman was created.
In the year 1890, the company changed its name to Brown Forman and company, and that was a reflection that the company was a partnership. Unfortunately, in the year 1901, George Forman died, and brown purchased his stock at the company, and after that, Brown Forman has incorporated afterward. In 1904 Owsley Brown, who was the son of Garvin brown, made a pivotal decision to come into a family business or an apprenticeship that continues up to date.
In 1917 George Garvin Brown died at the age of 70. His son, Owsley, takes the helm as president of Brown-Forman. The company continued to grow into success up to date is listed as the top 20 wealthiest families in the world today according to Forbes magazine
Awards and achievement
The company has had a lot of achievements since its inception. It has bought several companies. For example, in the year 1987, Brown-Forman Beverage Company acquires the trademark and U.S. distribution rights for Fontana Candida Italian Wines, the world’s leading supplier of Frascati wines. In 2007, the company received Tequila Herradura, a Mexican company that produces the Casa Herradura tequila brand for $US 776 million.
The company is a sponsor of the brown Forman retailer of the year awards given by the American beverage licenses. Also, in the year 2009, Newsweek magazine ranked the company in their green ranking that examined 500 largest cooperation on their environmental track record, and it was ranked 63rd out of 500. In the food and beverage sector, the company was ranked as the third company.
Net Worth of Brown Forman in [current date format=’Y’]
Brown Forman company gets most of its wealth from the sales of wines and spirit. The company also sells some of its companies and, in turn, gets revenue from it. As of [current date format=’F Y’], the company net worth is $12 billion. The company has several branches in other countries.
The browns company is one of the most successful family-owned companies in the United States of America that was founded 150 years ago. The company is famous for selling spirits and wines. The company has witnessed great success, and it is ranked as one of the most successful family companies in the world. An individual started the company but eventually became a family business that is known as the Brown family. This family is famous for making and manufacturing world famous whiskeys, wines, and spirits and has many nations’ presence. The famous whiskeys are Jack Daniels and many more other wines and spirits.