The head of Constellation Brands has said that the company plans to focus on building a premium spirits brand rather than buying one.

Speaking in New York yesterday (10 May), Constellation CEO Richard Sands noted that acquisition prices for existing premium brands have been high.

"Normally we say if you cannot beat them, then buy them; but in this case we are saying if you cannot buy them, then build them," Sands told attendees of the Goldman Sachs Consumer Products Symposium.

"It is a better idea to buy evolving brands or build premium brands."