Happy 2026. This Episode is hosted by Chris Maffeo and brought to you by MAFFEO DRINKS. A Deep-Dive Analysis of This Episode is Available at maffeodrinks.com

Steve Grasse returns to MAFFEO DRINKS for a conversation about the current state of the spirits industry. Grasse, founder of Quaker City Mercantile and Tamworth Distillery, brings perspective from both the brand building and distillery sides of the business.

His previous work includes Hendrick's Gin and his current portfolio spans luxury craft spirits at Tamworth to the non-alcoholic Pathfinder brand. The previous episode with Grasse (Episode 27, recorded roughly two years ago when Brand Mysticism first came out) was one of the best-performing episodes on the podcast.

The discussion examines what Grasse calls the "Spirits Apocalypse," a structural correction facing the industry through overproduction of bourbon and whiskey, shifting consumer habits, and the fading novelty of craft distilling. The conversation moves from macro industry dynamics to brand fundamentals, exploring how core brand strength determines survival when market conditions turn hostile. The talk emphasizes the importance of strong brand fundamentals, challenges of rapid expansion, and the rise of new-to-world Ready-To-Drink innovations, providing actionable advice for both established and emerging brands navigating this tumultuous market.

Timestamps

00:00 Introduction and Welcome Back

00:19 The Spirits Apocalypse: An Overview

01:15 Craft Distilling: Challenges and Changes

03:47 Brand Fundamentals and Market Shifts

05:23 Advice for Craft Distillers

08:54 Innovative Success Stories

11:53 The Importance of Core Brand Values

13:50 Adapting to Market Changes

16:07 Tamworth Distillery Portfolio and Business Model

18:45 The Celebrity Exit Delusion vs Building for Passion

21:30 Experimentation and Pragmatism Over Big Bets

23:15 Brand Ambassadors Must Drive Sales, Not Just Talk

25:40 FMCG Invasion vs Old School Intuition - Industry Polarization

28:20 On-Trade vs Off-Trade Debate is Obsolete

30:10 Board Pressure and Why Solid Brand Core Enables Tactical Freedom

33:25 Physical Fitness Core Analogy - Brand Strength as Insulation

35:54 Conclusion and Final Thoughts

This episode is brought to you by MAFFEO DRINKS, an Advisory helping drinks leaders execute bottom-up growth while managing stakeholder expectations. You can get in touch at bottomup@maffeodrinks.com