Milestone Beverages, an independent beverage company founded in 2015 in Hong Kong, is redefining the wine and spirits space with an innovative, brand-first approach. Speaking to Ambrosia at Vinexpo Asia 2025, Joe Milner, Managing Director and founder of the company, shared how their unconventional, asset-light model is enabling scalable growth in over 80 countries worldwide.
“I was previously with Diageo and Pernod Ricard, mainly in the APAC region. Eight years ago, we started Milestone Beverages with innovation as the heart and soul of our business,” says Milner. “We don’t own any distilleries or wineries. Instead, we collaborate with producers, diving into the intricacies of liquid tasting, creating custom blends, and building brands from scratch.”
Brand-Building Without Borders
Operating without physical production assets, Milestone partners with distilleries globally to develop proprietary brands. Their two flagship labels – Onikishi, a Japanese whisky, and Stateless, a bourbon infused with banana and apple flavours – reflect their disruptive ethos. These brands contribute significantly to the company’s annual sales, which currently stand at around 100,000 cases.
“Flavoured whisky is a growing global segment. Stateless is tapping into that trend, while Onikishi is performing strongly, especially in the Americas,” Milner adds.
The brand also boasts a portfolio of Australian and Italian wines, entry-level tequilas, and US whiskies, catering to a range of consumer preferences. In total, Milestone manages five to six owned brands and a similar number of distributed labels.
Lean Team
With a team of just 10–12 people, Milestone Beverages operates out of Hong Kong but does not maintain production there. Its business model is built on direct sourcing and delivering from origin to customer.
Europe contributes 40% of revenues, with Asia remaining a core focus. However, Milner notes that resource constraints have limited their expansion in Southeast Asia, despite strong interest. “We get dragged into Europe and the US, where growth has been consistent. But we want to grow in Southeast Asia now. We already have around 10 importers in Hong Kong and Korea each.”
In India, Milestone has established a strong presence, with six importers and significant volumes in tequila and bourbon. “India is shaping up to be one of our largest markets in the next few years,” says Milner. “We’re even close to selling bulk bourbon there.”
Bourbon Rates Dropping
Milestone’s strategy also involves taking advantage of shifting market dynamics. “Bourbon rates have come down significantly – from about $3,000 a barrel three years ago to under $1,000 now – due to overstocking and private equity inflows. We’re leveraging this cycle to our advantage,” explains Milner.
The company avoids Scotch whisky, which Milner calls “too much of a bloodbath,” but is eyeing niche opportunities. “We’re developing Chinese whisky and American single malts. Technically they don’t exist yet as categories, but I have a gut feeling they’re going to grow. In five years, players like Diageo and Brown-Forman might get in. I could be wrong – but it’s a bet we’re taking.”
Challenges and the Road Ahead
While the business outlook is positive, Milner admits that European compliance remains a major hurdle. “The labelling requirements vary across countries and are a significant headache,” he says. “Also, the last two years have been tough with overstocking, but we’re optimistic. Innovation is what drives us, and we’re evolving fast.”
With a revenue split of 60% from owned brands and 40% from tactical distribution, Milestone Beverages stands at the crossroads of tradition and trend. By blending old-world craftsmanship with modern consumer tastes, the company is well-positioned to make its mark as a global disruptor.
“We are dedicated to disrupting the wine & spirits industry with unique and independent brands, marrying old world traditions with new world tastes,” concludes Milner.