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Leading brewer Diageo plc (DEO - Analyst Report) is making the most of the growing luxury alcohol market with continuous innovations to keep its demand consistent.

After the addition of John Walker & Sons Odyssey Blended Scotch Whisky to the rich portfolio of Scotch whisky of Johnnie Walker brand earlier this month, Diageo has come up with the latest addition of Crown Royal XO — ultra premium blended Canadian whiskey. The new product which hit the shelves early this month joins the company’s Crown Royal luxury brand of Canadian whiskey.

Crafted by master blender Andrew MacKay, Crown Royal XO, is a blend of the finest 50 Crown Royal whiskies and is flavored with hints of vanilla, spice and rich dried fruit. It comes in cognac casks at a retail price of $49.99 for a 750 ml bottle.

Diageo is advertising the product on print and online media as well as through public relations, strong digital extensions and point of sale materials.

Diageo, which currently carries a Zacks Rank #3 (Hold), is a leader in the whiskey category. It is geared to strengthen the whiskey segment by an additional £1 billion ($1.6 billion) investment in Scotland for its whiskey production. The company is also setting up whiskey production facilities in newer locations.

Diageo also commands a leading position both in the beer and vodka markets with a strong portfolio of globally recognized flagship brands, including Smirnoff, Johnnie Walker, Captain Morgan, Baileys and Guinness. Diageo betters its products through continuous innovations.

Another better-ranked stock in the same sector is Constellation Brands Inc. (STZ - Analyst Report) sporting a Zacks Rank #1 (Strong Buy). Other stocks in the consumer staples sector worth considering are Green Mountain Coffee Roasters Inc. (GMCR - Analyst Report) and ConAgra Foods Inc. (CAG - Analyst Report). Both the stocks carry a Zacks Rank #2 (Buy).

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