Diageo built the most powerful spirits portfolio in the world and then watched it contract. The reasons why, and what the company is doing about it, contain lessons that apply directly to every founder building a premium beverage brand today.

Sidney Frank was 78 years old when he decided to build the world's most expensive vodka. He had no liquid, no bottle, and no distillery. Eight years later he sold it for $2.2 billion. This is that story.

Cognac just had one of its worst quarters in recent memory. The data underneath that number tells a story about premium beverage demand that every founder building in the space needs to understand.

Premium wine demand is softening and younger consumers are disengaging from the category. Here is what the data shows and what it means for every beverage brand watching the same consumer.