Interview, Part 2: Bacardi North America President Tony Latham

In the second part of our interview, Bacardi North America president Tony Latham discusses trends in the on-premise, innovation in Bourbon and Scotch, and potential M&A opportunities for the company, which ranks as the fifth-largest U.S. spirits player by volume at 17.8 million cases, according to Impact Databank.

SND: Where does the on-premise spirits market stand, and how is Bacardi addressing growth opportunities in that channel?

Latham: After a period of normalization, consumers continue to lean towards quality over quantity. Globally, there’s a trend where a significant portion of consumers—around 22%—are willing to splurge on a luxury drink per occasion, and nearly 44% opt for two super-premium drinks. According to our research, about 75% of U.S. respondents observed consumers having fewer drinks due to economic factors.

This scenario opens a door for brands, including Bacardi, to reimagine cocktail experiences. It’s not just about the drink itself; it’s about creating moments that offer discovery and memorable experiences beyond what’s in the glass. We recognize the demand for exclusive, high-quality serves and are capitalizing by emphasizing our premium offerings.

SND: What are you seeing in the whisk(e)y category with brands like Dewar’s and Angel’s Envy?

Latham: In the sphere of Bourbon innovation, Angel’s Envy has been pioneering second-barrel finishes, leveraging port, wine, rum, and ice cider casks to elevate the profile of American whiskies. An exciting offering is the limited-edition Cask Strength Straight Rye Whiskey ($270), which is an intricate blend and a testament to our commitment to pushing the boundaries of flavor innovation.

In the Scotch whisky category, Dewar’s is gaining well-deserved recognition as a leading figure in the blended Scotch realm, especially with the Double Double 37 Year Old ($1,800). Master blender Stephanie Macleod has been recognized for her great work that goes into crafting blended Scotch that stands out from the crowd. Those efforts show how Bacardi keeps pushing the needle, even where there’s a history of success.

The aged whiskey market is gearing up for remarkable growth, projected to surge by more than 37% and exceed $109 billion globally by 2025. Beyond the U.S., there’s a marked increase in Bourbon interest in Western Europe, Asia, and Latin America and the Caribbean—a clear signal of evolving consumer preferences.

SND: What recent or upcoming new products is Bacardi particularly bullish on in the U.S.?

Latham: Consumers are expressing interest in diverse flavors beyond the traditional smoky, woody, and spiced profiles of aged drinks. Bacardi’s response is to fast-track next-gen spirits drinkers towards exploration. An excellent example is our Bacardi Caribbean Spiced, a premium spiced aged rum that combines a range of diverse flavors like coconut blossom sweetness, floral notes, pineapple, cinnamon, vanilla, and the subtle oaky char from the aging process.

SND: Do you see potential opportunities to add to the U.S. portfolio via acquisition in the new year?

Latham: We’re always on the lookout for additions that may complement our brands and resonate with evolving consumer preferences. Our focus remains on strategic growth that enhances our portfolio and caters to the dynamic needs of our consumers.

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