As people cancel travel plans over fear of the coronavirus (COVID-19), travel retail has become one of the Brown-Forman's "most affected" areas in addition to its business in China. Analysts at J.P. Moran estimate that "travel retail" is just 4% of sales and China accounts for just 1-2% of the company sales. The CEO reassured investors by pointing to Brown-Forman's long history and that it is celebrating its 150th anniversary this year; meaning that it has survived world wars, prohibition and economic recessions.