MAFFEO DRINKS 103 | Filiberto Amati | The Revolution Reshaping the Drinks Ecosystem (E.g. Diageo, Pernod-Ricard, Campari, Brown-Forman, etc.)
Jul 28, 2025
Filiberto Amati, Founder of Amati & Associates and a seasoned executive from major spirits brands like Campari, dives into the seismic shifts in the global drinks ecosystem. He explains the "shrink for growth" strategy that spirits companies are adopting, moving from economies of scale to scope. The conversation reveals how divestitures by giants like Campari and Diageo are a response to investor pressures, and discusses opportunities for mid-tier players capitalizing on assets. This transformation could reshape industry dynamics for the next decade.
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Shrink for Growth in Spirits
- Big spirits companies are divesting non-core brands to focus resources on their most strategic and high-growth products.
- This "shrink for growth" trend parallels earlier FMCG industry moves from scale-driven to scope-driven strategies.
Spirits Industry Fragmentation
- The global spirits industry remains highly fragmented compared to other FMCG sectors like detergents or soft drinks.
- Top 10 spirits companies control only about 25% of global volume due to local distribution and diverse legal rules.
Spirits vs Fast-Moving Goods
- Spirits are often mistaken for fast-moving consumer goods, but their purchase frequency and market dynamics are much slower and more complex.
- Real FMCG markets also show slow responses to change, taking months to adjust to shifts in promotions or product performance.