Latest news with #RajBhakta
Fast Company
3 days ago
- Business
- Fast Company
WhistlePig Whiskey taps beverage industry veteran Charles Gibb as its new CEO
WhistlePig Whiskey has found a new CEO in Charles Gibb, a nearly 40-year veteran of the spirits industry, as the brand explores new avenues for growth ahead. The Shoreham, Vermont-based distillery exclusively shared the news with Fast Company, nearly four months after announcing that its previous CEO had stepped down. WhistlePig made a splash in the spirits scene by debuting its first rye whiskey in the 2010s—helping to reintroduce drinkers to this once-popular style of whiskey. The company quickly started racking up one award after another and fans, even landing coveted closeups on TV shows like Breaking Bad that weren't arranged as product placements. Fast-forward to today, and WhistlePig spirits are sold in more than 140,000 bars, restaurants, hotels, and retail locations around the world and the brand commands a 34% market share of the ultra-premium rye whiskey category, according to 2024 figures from IWSR shared by WhistlePig. But for a period, many headlines about WhistlePig had less to do with its drinks and more to do with the drama unfolding behind its distillery doors. Founder Raj Bhakta was forced out in 2016, resulting in a messy legal dispute that saw him ultimately sell his stake and fully exit WhistlePig in 2019. Jeff Kozak, who became CEO in 2017, left in January to 'pursue other opportunities.' Former master distiller Dave Pickerell, who helped shape WhistlePig's early days, died unexpectedly in 2018. Now, Gibb joins as the company seeks to become a 'total American whiskey business' and expand beyond its rye roots. Gibb most recently led Fever-Tree's North American division until earlier this year, when Molson Coors acquired a stake in the mixers business. He also spent several years as president and CEO at Belvedere Vodka and in various roles at Moët Hennessy and Diageo. While there are fun things about moving into whiskey—the Scotsman has a newfound appreciation for the American spelling of the spirit, for example—Gibb says he's 'really excited' to come to WhistlePig when the industry's in a state of flux. And, he says, he wants to make the brand 'truly famous.' Recent years have seen WhistlePig evolve in various ways, something Gibb intends to build upon. The brand sold minority-stake investments to LVMH and an investment firm run by Byron D. Trott, exclusively partnered with Southern Glazer's as its national distributor, expanded into single malt and bourbon, hired a woman as chief blender, and later this year, will open a tasting room in downtown Louisville. Gibb sat down with Fast Company to talk about what's next for WhistlePig. (The transcript has been lightly edited for clarity and length.) What are some of your goals for the first few months in your new role—do you have a checklist of things that you'd like to accomplish? This is a beautiful brand. It's still in a position that fits all the things that I love about a great brand—it's dynamic, it's entrepreneurial, it's very innovative, it plays in the high-end and luxury space, and I think the danger is that you can come in and [say], 'Let's make lots of changes.' The most important thing for me in the first three to four months is learn, learn, learn. Really getting myself up to speed—I think that's the biggest thing, and ensuring that we don't lose the momentum. The business has had great momentum over the years. It's got some solid momentum now despite the challenges in the industry, which are well-documented. But we're in a good place to address some major opportunities. What was so compelling about coming to WhistlePig, and especially right now? Loads of things. Number one, I love the premium-branded spirit space. Every time I mentioned the brand to people, people have got this love for the brand. They've got a real respect for it. So it's loved and it's respected—I think those are two different things. It's really well-respected for the quality of the liquid, it's really well-respected for the innovation. It's admired and respected for the way in which they revolutionized the rye whiskey category in North America. And those things are really important to me. I suppose, as a Scotsman who likes to disrupt things, it was quite fun, the idea of working on an American whiskey business. I love this aspect of the brand, as well, this whole idea of zero generations of tradition. I think that allows you to innovate, it allows you to change the rules of the game. What will define this next era of WhistlePig? We were famous initially for our rye whiskeys, and I think we're looking now to explore and expand further. We've launched recently the 10-year-old bourbon and so I think there's an opportunity to become a total American whiskey business. I think the other big opportunity, it's really in and around this beautiful, iconic brand—and how do we make it truly famous in the U.S and international markets? But let's be famous at home first. We're loved, but we're not yet famous—well, we're famous in certain circles, but not more broadly famous, as yet. How do you approach leading an alcoholic beverages company at a time when people are drinking less alcohol? It's certainly an interesting time to be in the industry. There's still this whole idea of drinking less, but better. It's still really fundamental in the consumers' minds: I may be going to drink less, but every time I have a drink, I'm going to make sure I'm drinking the best, and I'm going to enjoy it. I'm really excited to be able to come into a brand in an industry in a state of flux and actually finding our niche, finding our spot and being able to push that really hard. These times engender greater levels of creativity and as a small brand with zero generations of tradition, I think it enables us to be more fast-moving, flexible, and do things that are innovative and differentiated. Do you see any challenges of leading a whiskey company versus a vodka company? A lot more age on the product, that's for sure. It's funny because we all play in the same industry, and we all play with similar consumers. You're talking to the same consumer on a different occasion, and I can see a Belvedere martini drinker being a WhistlePig drinker and it depends on the occasion, depends on the people that they're with, time of year, time of day, and different things. There have been some big changes at WhistlePig in recent years. In the wake of some of these changes, how will you approach leading the company? The first and the most important thing is the brand and the business have done very, very well. So I'm about celebrating the people who started it—the founders—celebrating the achievements. And now, how do we grow from here? I think that's the most important thing. What's great is there's a great team of people assembled, they've got phenomenal knowledge of the brand and the business, as I've seen in the first week onboard, they're extraordinarily passionate, and they've delivered some amazing new products, innovations, growth, etcetera. My job at the moment is very much to learn from them and then we'll sit down collectively, as a leadership team and then as a broader company, and take all of that to the next level.
Yahoo
12-05-2025
- Business
- Yahoo
Trump's Tariffs Will Make It More Expensive To Drink Alcohol — Here's How
These days, the subject of Donald Trump's tariffs finds its way into just about any conversation about politics, the economy and life in general. These additional taxes on most items brought into the United States from other countries have caused a consumer panic, and those feelings of anxiety and uneasiness extend to the bar and restaurant business. Bar owners, beverage directors and spirits distributors must now grapple with what these tariffs mean for their business costs and their bottom lines. Raj Bhakta, founder of Bhakta Spirits and WhistlePig Whiskey, is actually a supporter of Trump's tariffs, and he thinks these policies may be worth the risk: 'We find ourselves in a moment of potential short-term pain for guaranteed long-term gain. This passing economic pinch will be a small price to pay for the American prosperity to come. I say all of this as a business owner willing to take the short-term hit now, personally, for the greater long-term good.' But the vast majority of beverage industry folks we interviewed don't have high hopes for these tariffs reaping any long-term benefits for their own businesses, or for the American public at large. 'We learned the lesson 100 years ago about tariffs, and it is deeply frustrating to revisit a topic that has been resoundingly denounced,' said Kristin Evans, general manager of Red Tail Ridge Winery in Penn Yan, New York. Evans allows that 'tariffs can be a part of an effective economic policy, but tariffs in and of themselves are not economic policy. They're just one piece of the puzzle.' So what exactly will these tariffs do to the beverage industry, to foreign and domestic producers, and to your bar tab? Read on to find out. Because the tariffs directly apply to products from other countries, it's no surprise that they will cause higher retail and bar prices for imported wines, beers and spirits. In 2022, 14% of all agricultural imports in the U.S. were from wine, spirits and beer, and 17% of the wine consumed in the U.S. comes from the European Union. The National Beer Wholesalers Association says that 21% of beer sold in the U.S. in 2023 was imported. 'The tariffs will make every sip more expensive. If importers have to pay more, then they will charge more,' said Kyle Davidson, wine and beverage director at Rose Mary and il Carciofo in Chicago. The fast rate of the tariff implementations has wreaked immediate havoc on businesses that rely on imports, causing them to reevaluate their needs and make some drastic changes. 'One of our best friends in the industry, someone that has given us great wines at great prices for years, had to tell two ships that were in the water to turn around. If they had landed while the tariff was at the proposed percentage, it would have put him out of business,' Davidson explained. Restaurants and bars that focus their concepts on international cuisines may find it difficult or impossible to pivot their beverage menu to domestic wines. Georgia Harrison, the logistics manager at Zev Rovine Selections, a natural wine importer and distributor based in Brooklyn, put it this way: 'The [restaurant] industry relies on beverage sales to keep things afloat.' These tariffs could put your favorite Italian, Spanish and Greek restaurants at serious risk of closure. Also, the higher prices on imports may hamper bartender creativity when it comes to designing new cocktails. 'Tariffs on imported spirits don't just raise prices — they restrict access to the global ingredients that define modern American cocktail culture. For example, if the Oaxacan mezcal we use becomes significantly more expensive or harder to source, that doesn't just affect bar costs — it limits creative expression for bartenders and founders like myself who rely on those flavors to innovate,' said Robert Haynes, cofounder of Hoste Cocktails and Apologue Liqueurs. It's easy to assume that, if prices go up on imported wines, spirits and beers, domestic producers will benefit from higher demand. But even if a wine, beer or spirit is made in the United States, many of the materials required for production, bottling and packaging come in from overseas. 'Increased tariffs on imported grains, hops and aluminum will drive up production costs for breweries, forcing them to raise beer prices, reduce profit margins or compromise on ingredient and packaging quality, ultimately affecting consumer affordability and the variety of craft beer available,' said Courtney White, owner of Intermission Beer Company in Richmond, Virginia. For wineries, 'packing materials, bottles, corks, oak barrels and bottling equipment are often imported for domestic wine production,' said Ted Rink, beverage director at BLVD Steakhouse in Chicago. Louis Kernans, director of operations at JW Marriott Dallas Arts District, added that 'bottles, corks and cartons can account for nearly a third of a small winery's budget, so tariffs on imported glass or natural cork squeeze margins and make distributors more cautious with niche domestic labels.' Speaking of distributors, it's important to recognize the role that these third-party groups play in the beverage industry and how tariffs on foreign products will fundamentally change the way that they do business. 'In the United States, you have to use a third-party distribution company to get your product out into the marketplace. That's how it's set up,' Evans said. While it's not generally required for wineries and distilleries to sell their products to restaurants and shops through a distributor, the three-tiered system (producer, distributor and retailer) that Evans described accounts for the vast majority of alcohol that you see on the market nowadays. Distributors make it easy for restaurants and bars to identify and acquire wines and spirits that fit their concept and price point, and they also help smaller producers raise their sales and visibility. But, as Evans explained to us, 'most distributors do not just focus on American wine [and spirits]. They have a book that contains wines from America, wines from South America, wines from Australia, wines from Europe and so on.' If a distributor has to deal with foreign tariffs 'on three-quarters of the products that they're selling, they're going to truncate the product lines they're representing, and they're only going to go with the products that are guaranteed best-sellers.' So instead of pushing wines and spirits made by artisanal producers making specialty bottles with great care and precision, distributors will put more energy and effort into promoting 'big wineries like Mondavi and E&J Gallo.' Tariffs will make it more expensive for distributors to get foreign wines and spirits into the U.S., but that doesn't just mean that they'll increase retail prices for those particular bottles. '[Distributors] can raise the prices of the items that they're getting tariffed on, but if [those] account for three-quarters of your products, then the easier route for the business would be to raise the prices across the entire spectrum of products that you provide,' Evans said. Dividing the increases among all of their items (both foreign and domestic) will allow the distributors to offer lower price rises on each individual wine/spirit, but you'll be paying more all the same. Harrison explained that wine and spirit prices have already been experiencing an upswing: 'Between rising costs from wineries and shipping costs driving sharply upward, we have been seeing retail costs climb steadily since 2020. No import company can absorb the additional 10% tariff — they will pass it along to their retail customers, who will pass it on to the consumer.' Harrison also told us that these pricing changes will impact a certain segment of the market in particular: 'Drinkers who stay within the $25-and-under range that are going to find their selections get smaller and potentially lower in quality, especially in the under-$20 zone. Wine already has a reputation for having a high barrier to entry, and I think we are going to see retail sales decline as people get priced out of their go-to bottles.' But what if you want to cut out the middleman, buy craft booze directly from a distiller, brewer or winemaker, and have it delivered to your house or to your restaurant? Théron Regnier, distiller and CEO at The Obscure in Los Angeles, pointed out that this idea isn't nearly as simple as it sounds. 'Interstate shipping is still restricted for craft distillers,' with rules varying wildly from state to state, so 'consumer choices are about to become scarce or expensive unless we see regulatory changes.' Trump's tariffs themselves have caused substantial anxiety throughout the beverage industry because of higher prices and reduced availability … but arguably the most frightening thing about these tariffs is their unpredictability. One day they're on, the next they're delayed, there are exceptions, there are exceptions to the exceptions — all of this volatility makes it nearly impossible for businesses of any kind (including hospitality businesses) to properly plan ahead. 'As we have all seen, tariffs have been forewarned, implemented and then retracted,' said Kisong Mun, sommelier at The Dearborn in Chicago. Mun added that it may take some time for the impact of tariffs to fully register with consumers, 'I think consumers might have a month or two before we start seeing big increases in pricing as inventory dwindles and the need to replace [it] becomes more pressing.' Even under the best of circumstances, overseas wine and spirits orders must be placed well in advance. 'If you're an importer and you're placing an order to Europe for wine, it has to get through the customs process on the port-of-exit side and it has to cross the ocean. So that's a month, two months? And oftentimes with wine, you're placing your orders a year in advance, especially when you're talking about fine wine like Bordeaux and Burgundy,' Evans said. And the big question, according to Harrison, is 'What will happen at the end of the 90-day pause and negotiation period in July? Will the 'reciprocal' tariffs come back? Will the universal tariffs go away? We are walking a tightrope between over-ordering in case of higher future tariffs and under-ordering to not spend thousands of additional dollars in customs fees and storage.' Harrison's prediction for the worst-case scenario? 'On the distribution side, smaller importers are not going to be able to afford to stay in business, and we will see fewer producers brought to the U.S. On the restaurant and retail side, businesses are going to struggle to stay open as their customer base struggles to afford the day-to-day necessities and can't go out to dinner or buy a bottle of wine on the way home from work. Either way, we are looking at businesses closing, jobs lost and access to wine and spirits' — both from other countries and from independent producers in the U.S. — 'hindered severely either by lack of market presence or price.' Experts Reveal Exactly How Trump's Tariffs Will Affect Food Prices — Particularly On Coffee U.S. Egg Prices Soar To Record High, Despite Trump's Prediction We're Economists. Here's What We Really Think Of Trump's Plan To 'Lower' Grocery Prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
13-03-2025
- Business
- Boston Globe
What happens when a college town loses its college
S end questions or suggestions to the Starting Point team at . If you'd like the newsletter sent to your inbox, TODAY'S STARTING POINT New England isn't New England without its colleges. Of course, there are the big players: Harvard, Brown, UMass Amherst. But the region is also home to dozens of small (and pricey!) private universities that make our six states the place to get a liberal arts education. Another bonus? Those schools power the towns where they are. Take Poultney, Vermont. I drove up there in February to see how the closure of Green Mountain College had affected its 3,000 residents and the mom-and-pop shops on Main Street, almost six years after the fact. What I found was crippling uncertainty about the small-town economy and skepticism about the college's new owner, an eccentric millionaire who is storing spirits on campus and inviting tourists into the Green Mountain gym for ice baths. Here's why that matters. Advertisement Green Mountain is not alone As many as Rural areas of New England, where most colleges are, are shrinking and populated mostly by senior citizens. When the 70-something owner of the hunting goods store in Poultney decides it's time to retire, it's a question of who will take it over — if anyone at all. Poultney got a good deal Green Mountain sat empty for a year before Raj Bhakta swooped in to buy it. Locals call him a 'character,' to put it kindly. A former 'Apprentice' contestant and Pennsylvania congressional candidate, Bhakta can often be found smoking a cigar. He's the sort of freewheeling capitalist who makes big promises and believes profit equals progress. In an interview, he told me that his Hogsworth whiskey, made in Vermont, 'is going to be bigger than Jack Daniels.' Advertisement But Bhakta is doing what he promised. He spends millions heating campus buildings each year as he slowly pushes along a state application for a $100 million redevelopment. His wife is teaching kids everything from astronomy to martial arts at an independent elementary school she opened on the Green Mountain property. All that said, that amount of buzz on campus is a blessing. Not every college has so much activity. Other shuttered New England schools have become Bravado vs. substance What Bhakta brings to Poultney is flash: his collection of vintage cars, his bust of Julius Caesar, and his ardent belief in the exclusive French brandy his company is selling, marketed as one of the oldest spirits available. Locals say that's great, if he delivers. At least one restaurateur is expanding her empire into Poultney because of her faith in Bhakta. But most of the town is not placing bets on the whims of the wealthy. Poultney native Martin Van Buren Jr. said Bhakta moves through town like he's running a 'political campaign' and that he may not stick around long-term. Advertisement So as the Green Mountain redevelopment moves forward, Poultney plans to expand its outdoor economy. Think hiking trails (unexpectedly funded by Wayfair cofounder Steve Conine), bike shops, and maybe even a new 'outdoor recreation hub' in town. It'll be essential to replace the sizable chunk of jobs that served the education economy that Poultney lost after the college closure. Deborah Diamond, a researcher at the Federal Reserve Bank of Philadelphia, said other former college towns should be doing the same. 'Change is on the horizon,' she added, 'not just for these institutions themselves, but for the places where they live.' Note: To learn more about Green Mountain College and Poultney, 🧩 5 Down: | 🌊 44° POINTS OF INTEREST The main branch of The Boston Public Library. Michael Dwyer/Associated Press Boston and New England $78.1 billion: Health care spending in Massachusetts soared nearly 9 percent in 2023, fueled by prescription drug spending. A state agency 'Have you no decency?' When a House Republican misgendered Representative Sarah McBride, a Delaware Democrat, Bill Keating of Cape Cod Bookmark this: The Boston Public Library will Double jeopardy: An undocumented Portuguese man in Rhode Island Well this sucks: iRobot, the Bedford-based maker of the Roomba, Trump administration Dial tone: The Social Security Administration, pressured by Elon Musk, was considering cutting phone services that retired and disabled Americans use to access their benefits. After it got reported, the agency backtracked. ( Green to black: Trump's EPA administrator moved to roll back landmark climate rules on coal-fired power plants and electric vehicles. ( Mahmoud Khalil: The green card holder ICE detained over pro-Gaza protests at Columbia hasn't been allowed to speak privately with his lawyers, the lawyers told a judge. ( 'Devastating': The Department of Agriculture cut more than $1 billion in funding for food banks, child care, and schools to purchase locally grown food. In New England, the cuts will Another suit: Two Harvard doctors sued the administration to LGBTQ+ people. Collateral damage: The Department of Education Safe haven: Boston is a Unfit to print: Ruth Marcus, a 40-year Washington Post veteran, quit after the paper spiked her column about Jeff Bezos's editorial changes and overtures to Trump. Read the column here. ( Shuffle diplomacy: Vice President JD Vance showed off his shamrock socks during a meeting with Ireland's prime minister. ( Car wars: Musk's alliance with Trump has liberal Tesla owners putting exculpatory bumper stickers on their cars — The Nation Funding fight: Senate Democrats say there aren't enough votes to advance a House-passed GOP bill that would fund the government. Without more money, it will shut down Friday. ( #MeToo case: Harvey Weinstein appeared in court ahead of his retrial next month on charges of sexual assault. New York's highest court threw out his previous conviction last year. ( BESIDE THE POINT 🎭 More in heaven and earth: A comedic prequel to 'Hamlet,' playing at Merrimack Repertory Theatre, 🎨 Out of frame: The Isabella Stewart Gardner Museum 👨🌾 Play in the dirt: How to clean up winter debris, cut back last year's stems, and 🦃 For the birds: Brookline police warned residents to watch out for ❤️ Love Letters: Is a relationship worth 💫 Out of this world: Two Brown University scholars helped identify a meteorite that smashed through an SUV window and Advertisement 🔌 Unplug: Set limits, delete apps, and other advice for spending less time on social media. ( 🍀 St. Patrick's Day: Try these 🏠 Home of the week: This antique house in coastal Winthrop is perfect Thanks for reading Starting Point. Today's edition was edited by and produced by and . Have a question for the team? 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