Goa-based Third Eye Distillery is poised to broaden its duty-free presence across several domestic and international airports. Additionally, the craft spirits company plans to launch an in-house distillery in the State by the end of the second financial quarter.
Third Eye Distillery, presently retailing at two international airports—Singapore Changi Airport and Dubai—will extend its duty-free reach to include Goa, Hyderabad, Kolkata, and other prominent international travel retail outlets in the forthcoming quarters of this fiscal year. Within India, the brand is already established in duty-free outlets in Mumbai, Delhi, Kochi, Bengaluru, Chennai, Ahmedabad, and Thiruvananthapuram.
“Our goal this year is to enhance our presence in duty-free markets. Currently, we’re present in several Indian airports and aim to expand to approximately 10 more by the next quarter. Internationally, our target is to reach 15 airports by the end of this fiscal year,” revealed Rahul Mehra, CEO & Co-founder of Third Eye Distillery. “Moreover, we’ve made significant investments in our distillery, slated for operation this year. This strategic move is expected to fortify our production capabilities, underpinning our ambitious expansion strategies,” he added. The facility in Goa, spanning approximately 30,000-40,000 sq ft, is slated to be operational by the second financial quarter.
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Expansion into Indian Markets
Furthermore, the company intends to further expand into Indian markets this fiscal year, building on the recent introduction of their products into two new American markets: New York and Miami. Presently, the spirits brand operates in approximately 10 markets within India and anticipates reaching 14 within the next two quarters, with their latest addition being West Bengal.
Established in 2019, Third Eye Distillery embarked on its venture with the craft gin, Stranger & Sons. Subsequently, the company partnered with The Bombay Canteen to introduce the bottled cocktail ‘Perry Road Peru’ and collaborated with Australia-based Four Pillars Distillery to unveil two new gins: Trading Tides and Spice Trade Gin. Their most recent addition, the Sherry Cask-Aged gin, debuted in 2023. In late 2022, the company launched its line of white spirits under the brand name Short Story.
“We were confident in our ability to produce exceptionally high-quality spirits in India and consolidate them under one brand. What took us four years to achieve with Stranger & Sons, we accomplished with Short Story in just one year. Our aim is for Short Story to surpass the sales volumes of Stranger & Sons this year,” Mehra remarked.
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Product Portfolio Diversification
In addition to its spirits offerings, Third Eye Distillery’s product range features Svami, a non-alcoholic mixer brand in which the company acquired a majority stake in FY23. “Our product lineup, predominantly catering to the premium segment, enables us to attain gross margins exceeding 75 percent, with certain SKUs reaching as high as 82 percent. This stands in stark contrast to the industry norm of 40-50 percent,” remarked the CEO. “We are confident that we have only begun to tap into India’s spirit market.”
With ambitions to broaden its distribution channels and penetrate new markets, the company aims to diversify its brand portfolio by introducing new products in burgeoning spirit categories such as Rum and Whisky. Third Eye Distillery presently operates at an EBITDA positive level at the brand level and anticipates achieving EBITDA positivity at the company level within this fiscal year.
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