Background Of Amani Macaulay And Chima Burey
Neither Amani nor Chima have experience in the spirits industry. Amani worked as an investment banker for many years with a focus on mergers & acquisitions and capital raising for corporate clients, and Chima’s background was in providing trading strategy and financial markets advice to private equity groups and family offices. Both grew up in immigrant households, with Chima’s family from Jamaica and Amani’s family from Sierra Leone.
Formation Of Duke & Dame
How did the idea for Duke & Dame come together? Amani and Chima said:
“Years ago, Chima was at dinner with friends, and a round of Fireball shots was ordered. Then someone posed the question, if you could create your own flavored whiskey, what flavor would you choose? Just like Fireball was reminiscent of the Atomic Fireball candy or Big Red Gum, Chima’s response was that he would make a whiskey that tastes like the Werther’s Original or Sugar Daddy candies. And that was the genesis of the caramel-flavored whiskey idea.”
“Years later, in the summer of 2017, Amani left his career in investment banking and stopped in Miami for a bit. While out having drinks with Chima, the topic of what Amani would do next came up. And it was then that Chima remembered his idea from years earlier and threw out the crazy idea of making a caramel-flavored whiskey.”
“Amani was intrigued, and the following week Amani and Chima visited a distillery to learn about the whiskey-making process. After four hours at the distillery, we left thinking that their caramel whiskey could be much more than just an idea.”
“We spent the next couple of months doing research and working on a prototype in October 2017 and decided to give it a shot, and Amani moved from New York to Florida so that we could start the business.”
Favorite Memory
What has been your favorite memory working for Duke & Dame so far? Amani and Chima reflected:
“When we launched Duke & Dame, our goal was to redefine the flavored whiskey drinking experience for consumers with an innovative and unique product. As such, we receive a lot of inspiration from our interactions with consumers, whether at liquor stores, bars, or events. These in-person interactions with customers and new Duke & Dame fans are some of our favorite memories.”
“Seeing the happy faces of consumers tasting the whiskey we created for the first time, or watching consumers who previously “hated” whiskey fall in love with Duke & Dame, provides an incredible sense of pride and accomplishment and serves as a constant reminder that we are doing something right and building something great.”
Challenges Faced
What challenges have you faced in building Duke & Dame? Amani and Chima reflected:
“Developing, launching, and growing a spirits brand in a regulated industry presents many challenges. Initially, the biggest challenge was not knowing all the intricacies of the industry and business. There is no manual, so you are mostly learning as you go. And often, you learn things that you wish you had known a year earlier.”
“The key to overcoming this challenge is to understand what you know and what you don’t know and to seek out as much help and guidance as you can. Speaking to other brand owners and industry participants is a great way to develop relationships in the industry and to build a network of folks who can serve as a resource for you when you are facing new challenges.”
“One challenge that all small spirits brands face is distribution. Getting your product on the retail shelf requires pounding the pavement, going door to door, and selling liquor store owners on your product. Theoretically, your distributor should help you with sales. But in reality, as a small brand with very little or no sales volume, a distributor’s sales team is unlikely to spend much time selling your product when they could be selling better-known brands that sell significantly more volume.”
“In our experience, retailers have been very receptive when they taste our whiskey (it’s pretty good). But, once they agree to support us by carrying our whiskey, we have to commit to supporting them by doing tastings to introduce their customers to the whiskey and other advertising and promotional activities to drive awareness and sales.”
Core Products
What are Duke & Dame’s core products? Amani and Chima
“The Award-Winning Duke & Dame Salted Caramel Whiskey! When developing Duke & Dame, we noticed that many of the flavored whiskeys in the market at the time were overly sweet and syrupy, made with lower quality whiskeys, and often had an artificial aftertaste.”
“They saw an opportunity to offer something new in the category by creating a high-quality, 100% natural flavored whiskey that would appeal to everyone: men, women, young, old, whiskey enthusiasts, whiskey newcomers, and everyone in between.”
“Duke & Dame Salted Caramel Whiskey comprises a premium blend of 100% corn whiskeys, including a two-year aged bourbon that introduces notes of slightly charred orange, toffee, and spice. This whiskey base is perfectly complemented by natural caramel aromas and flavors, with only 1 gram of sugar per serving (in comparison, Jack Daniels Tennessee Honey contains 5 grams of sugar per serving).”
“Duke & Dame is proudly crafted in Jacksonville, Florida and has won over 10 international spirit competition awards, including being rated as a Top 3 flavored whiskey in the world by the International Whiskey Competition.”
Significant Milestones
What have been some of Duke & Dame’s most significant milestones? Amani and Chima cited:
“A recent significant milestone is that as of July 2023, Duke & Dame Salted Caramel Whiskey is now available for purchase at all 334 Publix Liquors locations in Florida.”
“Publix is the largest grocery store and largest liquor store chain in Florida and placement in its stores offers Duke & Dame a significant footprint around the state and more opportunities to introduce Florida consumers to the award-winning whiskey.”
Customer Success Stories
Upon asking Amani and Chima about customer success stories, they replied:
“We’ve developed a great relationship with MGM Resorts and Duke & Dame is now featured at the MGM National Harbor Hotel & Casino property. Duke & Dame can be found at bars and restaurants throughout the resort and has also been featured as a specialty cocktail for various events at The Theater at MGM National Harbor.”
Funding
After asking Amani and Chima about funding and revenue, they noted:
“We do not discuss operational metrics publicly. Regarding funding, the founders initially self-funded and subsequently raised convertible notes from ‘friends and family’ followed by closing a larger equity raise in 2023.”
Total Addressable Market
What total addressable market (TAM) size Duke & Dame is pursuing? Amani and Chima assessed:
“According to the Distilled Spirits Council of the US, total supplier revenue for the overall whiskey market in the US is over $12 billion.”
Differentiation From The Competition
What differentiates Duke & Dame from its competition? Amani and Chima affirmed:
“Duke & Dame offers a unique layered tasting experience featuring robust caramel aromas and flavors in the first sip, followed by distinct bourbon notes (e.g., hints of oak and spice) in subsequent sips.”
“This layered tasting experience is precisely why Duke & Dame is universally popular, as it offers something for everyone. Whiskey newcomers are enticed by the amazing aroma, flavor, and smoothness without the traditional whiskey burn. Whiskey enthusiasts are attracted to the quality of Duke & Dame and are surprised to find in a flavored whiskey a complexity typically associated with premium whiskeys.”
Future Company Goals
What are some of Duke & Dame’s future company goals? Amani and Chima pointed out:
“We are very excited about what the future holds, and we know we have only just scratched the surface of what Duke & Dame can become. Since launching Duke & Dame in South Florida over 5 years ago, we have now expanded into Michigan, New York, Maryland, Washington DC, the Caribbean (Puerto Rico, Jamaica, Aruba, Turks & Caicos, Cayman Islands, USVI BVI), and Carnival and Royal Caribbean cruise ships. In the future, we plan to increase distribution to all 50 states and to other international markets.”
“We are excited about continuing to grow the brand to a level where all consumers can experience our award-winning flavored whiskey wherever they are. We are also excited about expanding Duke & Dame’s product portfolio in the future, including additional flavor expressions and other alcoholic beverage offerings.”
Additional Thoughts
Are there any other topics you would like to discuss? Amani and Chima concluded:
“The brand name Duke & Dame represents emotion, inclusion, and approachability. The honorific titles of ‘Duke’ and ‘Dame’ represent the emotional connection that consumers have with the whiskey. When consumers drink Duke & Dame, they don’t cringe or make the “whiskey face.” Rather, they are pleasantly surprised that a whiskey is making them smile and making them feel amazing, magnificent, royal, regal.”
“Additionally, the representation of a man and woman signifies that Duke & Dame is a whiskey for everyone — women, men, young, old, whiskey lovers and whiskey newcomers. And given the increasing prevalence of women whiskey drinkers, we are proud to be one of the first whiskey brands to include women in its branding.”
“Lastly, the design of the Duke & Dame logo and the look and feel of the Duke & Dame bottle is intended to convey a sense of approachability, in the same way that Duke & Dame is a very approachable whiskey. The logo features a classic yet modern design, and rather than a traditional label, the bottle is painted and looks more like a work of art than your grandfather’s whiskey bottle (although grandpa will love it too).”
