Mon | Feb 19, 2018

Red Stripe Pursues Export Growth Target

Published:Monday | April 25, 2016 | 12:00 AM
Ricardo Nuncio, managing director of Red Stripe.

Red Stripe has given another big signal of its confidence in the Jamaican economy with an announcement last Thursday that the company plans to double its exports by the year 2018. The beer company's managing director, Ricardo Nuncio, said the target is part of a broader plan to establish Red Stripe as a key global player.

"We believe in the brand and its appeal and our strategy is to expand our position in markets where we're already present, and enter new markets with a high-quality product at a competitive price," said Nuncio, who was addressing the Jamaica Exporters' Association quarterly Global Thought Leader Speaker Series in St Andrew.

Red Stripe, which was acquired by the multinational beer conglomerate Heineken NV in October 2015, is moving quickly to position itself globally as a more authentic Jamaican brand by increasing the use of local raw materials in the brewing of beer. Nuncio said he was confident that this, coupled with the return of export production to Jamaica, places Red Stripe in an excellent position to achieve its target.

"We know it's an ambitious goal. But we believe that we have an amazing product that people love, and there is a huge opportunity to grow beer in the Unites States and other key markets right now," he asserted. Pointing to Jamaican music and other unique aspects of our culture, the Red Stripe boss said the company plans to leverage Brand Jamaica to excite and capture the imagination of consumers around the world.

integration process

Nuncio told fellow exporters that since the Heineken acquisition, the company had been going through an integration process designed to build on the winning practices already existing within the business and adopt new ways of working, all of which would help achieve the target.

"Our company has the best talent and we have been working to embed a performance culture built on a meritocracy," said Nuncio.

In February, the beer company announced plans to repatriate production of United States volumes by September. The move, which has been hailed by the Government, private sector and civil society, will generate jobs and add a well-needed boost to the agriculture and export sectors.