Diageo's defining moves.
The defining strategic moves at Diageo — each one explained and grounded in the record.
The Premium Play · Pricing
Diageo Bet the House on Drinkers Trading Up. Then They Stopped.
For a decade Diageo grew premium-and-above to ~60% of net sales versus an industry's ~35%. Then the consumer quit trading up: organic growth fell to 1.7% in FY2025, FY2026 guidance was cut to down 2-3%, and the 5-7% target was withdrawn entirely.
8 min
The Moat Anatomy · Moat Anatomy
Diageo's Real Moat Isn't the Brand. It's a Law It Doesn't Control.
Everyone credits Johnnie Walker for Diageo's protection. But its distilleries make roughly 40% of all Scotch whisky behind a barrier the UK government built and the trade body enforces - one that even told Diageo no.
7 min