SGX-listed Emperador launched its first brandy label in the Philippines in 1990, and has grown far beyond its domestic roots over the past 25 years.
Today, Emperador is the world’s largest brandy producer, and has expanding into single malt Scotch whisky with brands like The Dalmore, Jura and Tamnavulin. Its internationally recognised spirits are available in over 100 markets across the world.
Emperador’s global expansion strategy is underpinned by its strategy to build a portfolio of spirits, ranging from accessible to premium brands. This led to the acquisition of Scotland’s Whyte & Mackay in 2014 and Spain’s Bodegas Fundador in 2015 – giving it a foothold in two of world’s most iconic spirits-producing region. More recently, in 2025, Emperador acquired a majority stake in Mexico’s Los Danzantes, a premium Mezcal company.
These moves enabled Emperador to tap into the global markets more easily, diversify its customer base, and leverage on opportunities to improve international sales with growing demand for premium and super-premium spirits.
For those looking to gain exposure to the global alcoholic beverage industry, here are 5 things to know about Emperador’s mix of emerging market strengths and global brand ambitions.
#1 Are There Any Specific Regions That Emperador Is Prioritising For 2025?
Emperador’s priority is in developing the markets where we see the most potential – Asia and America. These regions have the largest populations, and very savvy drinkers, who appreciate premium brandy and whisky.
While we have gained a significant following, we know we can do more. In China, we have partnered with one of the biggest beverage companies, Fuyu, to develop our presence further.
One of the challenges we face is consumers trading down due to spending constraints. However, we expect this to improve over time. Another challenge is the political landscape in these areas which can sometimes be very unpredictable. We are not fazed by those risks and challenges because we are confident that we can work with them.
#2 What New Premium Products Are Being Developed To Capture Growth In Markets Like China And The U.S?
Our premiumisation strategy is has worked well for us, and we continue to see the demand for better products despite economic uncertainties.
For example, we launched the Jura 12-year-old Sherry Cask as an Asian exclusive in 2021, and it was a successful product that put Jura on the map in Asia. There are many who enjoy drinking Jura 12 Sherry Cask, but these customers did not have any upgrade options. Recognising the demand, we launched the Jura 15 Sherry Cask in 2024, which has performed well.
We also see premiumisation in The Dalmore with step-up products adding to both the core range as well as the limited editions, and the rare and aged products to meet the demands of drinkers who want more extraordinary drinks.
Since the end of 2022, we have been expanding The Dalmore Distillery to double its capacity – ensuring we have sufficient volumes to meet greater demand in the future. This is near completion, and once operational, we will begin to product new spirits which will undergo at least 12 years of ageing.
This is a long-term investment, and the impact of the new distillery on Emperador’s revenue mix will only be realised 12 years later. Until then, The Dalmore will continue to provide one of the best whiskies in the world to its consumers using its current liquid inventory, which is still sufficient to cater to a significant portion of the demand.
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#3 The Scotch Whisky Segment Declined 6%, While Brandy Revenue’s Fell 10% Year-On-Year. How Is Emperador Addressing Market Slowdowns In Key Regions?
The slowdown in the Scotch whisky segment is not unique to Emperador. Other liquor giants globally are also currently navigating the challenging landscape amid cost-of-living concerns.
The rare and aged market also seems to be adjusting at this point, rationalising from the sky-high prices in the past few years, which is positive as it will drive away speculators.
We believe the current challenges for our Scotch whisky sales will be temporary. Emperador has been proactively pursuing different initiatives for different brands, aimed at premiumising and acquiring new customers. Whisky education, through our brand ambassadors, is more active than ever because we need to communicate what makes our brand unique.
We have also launched many new products such as the Jura 15YO Sherry Cask, the Tamnavulin Wine Cask range, Dalmore 12YO Sherry Cask, the Dalmore Cask Curation Series to capture new market segments.
For our brandy segment, we still see strong growth potential. Brandy is currently lagging other categories due to the lack of exciting developments or innovations, resulting in the category being labelled as an “uncle drink.”
Emperador is working to change that. We rolled out the award-winning Fundador sherry cask range, which includes the Fundador Sherry Cask Doble Madera, a brandy that is perfect for mixing into cocktails. This is a new approach to brandy. Traditionally, brandy is for sipping, or for drinking neat. Mixing brandy in cocktails re-introduces the spirit to the younger consumers and makes it a relevant category for them.
#4 Sustainability Cuts Across All Segments. What Steps Are Being Taken To Reduce Packaging Waste And Incorporate Eco-Friendly Materials In Emperador’s Product Lines?
There are several ongoing initiatives to make our products more sustainable and more friendly towards the environment. For instance, we are reducing the weight of our bottles, which will allow us to reduce the use of virgin materials, as well as produce more bottles from recycled glass.
For the whiskies, close to 90% of all components used in packaging are recyclable. The larger boxes have been reduced to a smaller, simpler box for easier recycling. We also continue to rethink and redesign the packaging with a goal for it to be 100% recyclable.
#5 What Is The Group’s Biggest Risk Or Challenge In The Next 1-3 Years That Shareholders Should Be Most Concerned About?
The biggest risks and challenges are the ones we are not able to predict. Uncertainty makes it difficult to prepare for the future. Perhaps the areas that bring about the most uncertainty are geopolitical tensions and natural calamities.
In the near-term, the global spirits industry will start to see normalisation in 2025. We will see destocking of trade back to reasonable levels. Once that happens, we will see healthier sales and distribution across the industry. Prices across the industry will also normalise which will make it an easier landscape to navigate.
When that happens, the appetite for exploring new products will also return. This is good for our products because innovation is in our DNA. We have new products such as the Tamnavulin wine cask range which is exciting because it is a fresh take on single malt scotch, which we believe will be enjoyed by many consumers.
Emperador’s global operations is also its strength. The company’s diverse product portfolio, spread out worldwide distribution, and large client and supplier base allows the company to be agile. In times of crisis, the company is able to quickly pivot.
Editor’s Note: Some answers for this article were extracted from the SGX 10 in 10 series published on 25 March 2025 and republished with permission. You can read more about Emperador (SGX: EMI) on the SGX website.
You can also read other featured companies from SGX’s 10 in 10 series on the DollarsAndSense website.
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