Louisville, Kentucky is home to Brown-Forman Corporation. Louisville was founded by George Rogers Clark in 1778. The city was named for King Louis XVI of France in appreciation for his assistance during the Revolutionary War. If the rumors are true, it’s possible the leadership for Brown-Forman could be returning from Louisville to France if the merger with France based Pernod Ricard is true.
It’s not secret, the distilled spirits industry after riding high for the last 10+ years is now being hit with headwinds. According to DISCUS revenue for the distilled spirits industry was down 1.1% in 2024 and 2.2% in 2025. Large and small distilled spirits companies are feeling the pinch and Brown-Forman is no different.
In Brown-Forman’s March 3, 2026 report, the company said, “For the nine months of the fiscal year, the company’s reported net sales decreased 2% to $3.0 billion (flat on an organic basis) compared to the same prior-year period. Year-to-date reported operating income was flat at $905 million (-3% on an organic basis) and diluted earnings per share decreased 8% to $1.41.”
Bloomberg TV Reporting
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Brown-Forman is a publicly traded company but the vast majority of the shares are still family owned. After some digging, we found a 2010 statement from the family where they drafted a ‘constitution’ with the intention of keeping the company family controlled. They went as far as having that constitution printed and approved by the TTB for a bottle of Old Forester. Here is the label and the full TTB approval below. It will be interesting to see if the commitment from 16 years ago will still hold true in today’s environment. HT to Lehrman Beverage Law for sharing this back in 2010.
The Brown Family Constitution
The Brown Family Constitution
We, members of the Brown family, adopt this constitution to perpetuate our family’s commitment to Brown-Forman Corporations long-term growth and independence through the family’s control.
We are also committed to inter-family relationships that reflect trust, respect, and diplomatic candor. Our family’s strength is comprised of integrity, honesty, and fairness. We believe these values underpin pan-generational stewardship. We hold a belief in higher education, community responsibility, and learning from history.
These values and beliefs are the foundation of our shared success and are at the core of this document. This document is designed to help anchor our family by supporting communications between all of its members, as it becomes more diverse in thought, geography, and experience with each passing generation.
This constitution provides the framework for the family’s relationship with the company, and therefore helps Brown-Forman thrive as an attractive investment, a quality producer, a preferred employer, a trusted partner, and a valued member of our communities.
♦ Ratified July 2009 ♦
Family Committee Members
Augusta Brown Holland
Austin Musselman, Jr.
Bonnie Cress
Campbell Brown
Ernie Patterson
Family Co-Chair: Garvin Brown IV
Laura Frazier
Laura Lee Gastis
Lee Tatum
Mac Brown
Marshall Farrer
Martin Brown, Jr.
Company Co-Chair: Paul Varga
Phil Lichtenfels
Sandra Frazier
Stuart Brown
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