The Audit: What PCA 2025 Really Revealed About the Cigar Industry

PCA 2025 - Passion is everywhere. Discipline is not. | By Jonathan Lipson, The Cigar Profit Consulting

First and foremost, thank you.

To those who’ve read my press release, followed along on social media, or engaged with the blog - your support did more than validate the work. It helped turn attention into traction. And that’s what compelled me to go to PCA 2025.

I didn’t attend to be seen. I went because The Cigar Profit was generating business - and because my clients expected me to be on the ground, tuned into every conversation that matters. Your engagement helped justify the investment, and in turn, made sure I stayed sharp for the people who trust me to guide their brands.

I’ve been in this business over 20 years. From retail tobacconist to brand manager to executive, I’ve lived it all. I also studied business formally at Boston University. I don’t have an MBA, but if you’ve read any job board lately, you know most real companies are prioritizing experience over extra letters.

So what does this blog represent?

It’s not a recap. It’s not a highlight reel. It’s an audit. A breakdown of what I saw, what stood out, and what every serious operator in this industry should be thinking about next.

The Passion Problem

This was my first time walking the PCA floor purely as a strategist - not as an exhibitor, rep, or brand steward. And what I saw confirmed everything I’ve been saying since launching The Cigar Profit.

Passion is everywhere. Discipline is not.

Over and over, I heard some version of: "What you’re doing is exactly what this industry needs." That’s flattering, sure. But it’s also a red flag. Because if the industry knows what it needs - why isn’t it doing it?

The answer is simple: we’ve built a culture that confuses energy with execution.

Cigar brands and retailers are often launched on passion alone. They rarely come backed by strategy, structure, or operational clarity. And while the cigars or shops may be good - sometimes even great - too many disappear because the back end wasn’t built to last.

I’ve been on both sides of that heartbreak. I’ve sold the cigars that never showed up again. I’ve worked with shops that had all the momentum - and closed inside a year. That kind of waste isn’t just frustrating. It’s predictable.

At PCA 2025, the pattern was visible. Some vendors were prepared. Some were dressed-up experiments. Some were factories trying to pivot into brand building. You could tell the difference in about 30 seconds.

The barrier to entry in this business is low. But the cost of staying relevant - and profitable - is high. That’s where The Cigar Profit steps in.

Because passion without a plan isn’t a brand. It’s a liability waiting to implode.

Walking the Floor: The Reality of First Impressions

Perception is reality. And branding reflects the owner.

I saw booths that looked like swap meet tables. Collapsible displays. Wrinkled vinyl banners. No cohesion. No narrative. Just product on a table and hope in the air.

Here’s the problem: the cigars might be great. But if nobody stops to try them, it doesn’t matter.

Some booths had no professional signage. Some had no one speaking for the brand - no presence, no engagement. One booth even had rollers producing cigars live - which was smart - but they left a tip jar on the table. And the jar? It wasn’t even theirs. It was a repurposed Fuente 8-5-8 box. Nothing says “we’re not ready” louder than asking for loose change in someone else’s packaging.

That’s not branding. That’s brand erosion.

Compare that to the best booths at the show. Professional. Cohesive. Clear. You knew what they were selling, who it was for, and why you should care.

Let me be clear: I’m not saying every exhibitor needs a six-figure booth. But if you're showing up to the biggest trade show of the year and your presentation screams "temporary," you're not going to land long-term accounts.

Your booth should look like your cigars belong in someone’s humidor.

That’s the baseline.

Who Got It Right

Some brands didn’t just show up - they showed up aligned.

They weren’t guessing. They weren’t running on fumes and flair. They executed. And every part of their presentation - booth, boxes, branding, personnel - told the same story: we belong here.

The Old Guard

Plasencia

Let’s start with Plasencia. They’ve been a titan in this industry for decades - growing some of the best tobacco in Central America and manufacturing for countless well-known brands. But historically, their own brand always played second fiddle to the work they did for others.

That’s over.

Their presence at PCA 2025 was commanding. The booth was one of the busiest at the show, and not because of gimmicks. People weren’t there just to stand in line for a free beverage. They were there because Plasencia has established itself as a powerhouse - not just behind the curtain, but center stage.

Everything was locked in: the color palette, the brand segmentation, the messaging, the pricing strategy. Even the attire of their staff projected professionalism and premium positioning. The sub-brands were clearly defined. The packaging was luxurious without being overdone. It all said one thing: this is what maturity looks like.

The Plasencia brand is no longer proving anything. They’ve arrived. And they’ve earned every inch of that shelf space.

Casa Carrillo (formerly EPC)

The transition from EPC to Casa Carrillo wasn’t just a design refresh - it was a smart pivot.

Ernesto Perez-Carrillo is one of the most decorated names in blending, but the brand that bore his initials needed to evolve past one man. What we’re seeing now is a move toward house branding, succession, and legacy.

Casa Carrillo is now built around a team. His son Ernesto III and daughter Lissette have bigger roles, and the entire family is supported by seasoned industry players - including ex-Habanos executives. And it shows.

The new branding system is clean, color-coded, and speaks directly to the consumer on the shelf. Lines are easier to navigate. Price point differentiation is clear. The visual identity reinforces confidence.

This is no longer a personality-driven ‘boutique’. It’s an institution in the making.

The Mid-Tier Player

Crux

I’ll be honest - I hadn’t given Crux much attention before. They rebranded back in 2019, around the time COVID upended everything. Maybe it slipped past me. Maybe I just wasn’t looking closely enough.

But PCA 2025 made me look.

Their booth wasn’t loud - but it was sharp. Clean lines, confident layout, and a presence that said, “We’ve figured out who we are.” It didn’t need flash. It needed focus. And it had it.

The packaging system is what really stopped me. The color-blocking is eye-catching without being overdesigned - but more than that, it’s systematic. The Crux logo is placed with consistency. Brand and line information are clearly communicated across the portfolio. It’s not just attractive - it’s disciplined. And that kind of clarity builds trust at the shelf level.

I still haven’t smoked the cigars - but now I plan to. Because the branding made me believe I should.

The Builders

Platinum Nova & Casa 1910

Two different brands. Same standout strategy.

Platinum Nova owns its eggshell blue. Casa 1910 owns its burnt orange. That’s not accidental. That’s ownership.

They’ve taken color theory from fashion and luxury goods and applied it flawlessly. These aren’t gimmicks. These are brand signatures - immediately recognizable, visually elevated, and emotionally resonant.

And here’s the important part: the cigars back it up. This isn’t style over substance. It’s an integrated identity. They’ve aligned the visual with the experiential.

Their booths didn’t try to outshine the giants. They didn’t need to. They knew exactly who they were - and made sure the right people noticed.

That’s what forward momentum looks like.

The Newcomers

Bentley Cigars

Bentley Cigars made their U.S. launch statement at PCA 2025 with quiet confidence - and it worked.

The branding was unmistakable: crisp white against British Racing Green. Elegant. Intentional. They weren’t trying to mimic the traditionalist aesthetics that so many brands default to. They were speaking a different design language entirely - one built on precision, clarity, and modern luxury.

Their booth was clean and tightly curated. No chaos. No distractions. Every element - from the color palette to the product displays - was coordinated to deliver one message: we belong here, and we’re here to stay.

The cigars were excellent - but what really stood out was how Bentley handled their first major impression. Professional. Disciplined. Ready.

If they keep operating at this level, Bentley won’t need to shout for shelf space. Their branding will do the heavy lifting.

Raíces Cubanas

Raíces Cubanas has spent years making world-class cigars for other people. At PCA 2025, they made it clear they’re ready to make a name for themselves.

Their booth was serious and well-executed - clean lines, confident presentation. The cigars lived up to the factory’s reputation, proving that the quality wasn’t an accident.

Where they still have work to do is on the branding side. The visual identity felt a step behind the product itself - good, but not yet great. But that’s not a disqualifier. If anything, it signals opportunity.

Because with the pedigree they have, and the leadership they’ve put in place, Raíces Cubanas isn’t just another factory brand trying to figure it out. They’re positioned to be a serious contender if they bring the same discipline to their branding that they bring to their cigars.  

The Boutique Conundrum

In a previous blog/article, I advocated for the addition of a word to describe a cigar brand that fits in between ‘Boutique’ and ‘Mainstream’. Coincidentally, about a week later, the founder of the Boutique Cigar Association, Dr. Gaby Kafie, posted a question on LinkedIn regarding the formation of a combined sales team for a group of such companies, while also defining a boutique company as one that produces no more than a set number of cigars per year.

As an ex-cigar salesman, I openly weighed in. My concern wasn’t about the intent - there’s real value in protecting small, independent makers from regulatory overreach. But the model of building a shared sales force under such a rigid production cap raised serious red flags for me.

If your organization caps the output, you’re also capping the earning potential of your salespeople. And from a brand perspective, if a company eventually wants to scale, but has marketed itself as boutique under this strict definition, it’s left with two choices: betray its identity or abandon growth. Neither one is sustainable. And both create distrust.

I look at the premium cigar industry through the lens of the 80/20 rule. The reason companies like STG, Altadis, Davidoff, and Swisher continue to dominate is because 80% of cigar consumers aren’t looking for backstories. They smoke what they like, they buy what they know, and they’re loyal to convenience.

But then there’s the 20% - the ‘cigar geeks’, the Reddit warriors, the collectors, the alternative media evangelists. They care. They explore. They debate. They’re small in volume, but loud in influence. And when they hear the word ‘boutique,’ it triggers something emotional. Something aspirational.

That’s where the friction lies.

I met with Dr. Kafie at PCA, and I think we walked away with a mutual understanding. He’s fighting for nomenclature that supports regulatory defense. I’m focused on the psychology of the consumer and the clarity of the market.

After PCA, in an April 15 LinkedIn post, Dr. Kafie clarified the purpose of the term "boutique" as used by the BCA. It’s not meant to define a brand in the eyes of a consumer - it’s a tool to draw a line in the sand for regulators. And in that context, I respect it.

But on the show floor, things looked different.

Big brands - brands with budgets and bandwidth - are mimicking the boutique vibe: smaller runs, throwback packaging, ultra-specific storytelling. They’re targeting the same 20% that real boutique brands rely on to punch above their weight.

So what happens when everyone claims to be boutique? Who gets to own it?

The conundrum isn’t just about volume or vocabulary. It’s about intention. A boutique company that’s boxed in by its own definition can’t scale without lying. A mainstream brand that borrows the boutique look might win attention, but it dilutes the meaning for everyone.

And that matters. Because in this business, language isn’t just marketing - it’s identity. And the more we confuse it, the more we weaken the brands that are trying to get it right.

The Industry Is Aging — And That’s the Opportunity

The premium cigar industry isn’t just aging - it’s shifting. And if you’ve been paying attention, you’ve seen it too.

For over a year, I’ve been saying: give it five years and the landscape will be different. That wasn’t a prediction based on hard data - it was a gut read from two decades in the trenches. Brand owners who started during the late ’90s boom are hitting retirement age. Some have a plan. Most don’t. Some have kids in the business. Many don’t. Some know what their business is worth. A lot are guessing.

But walking the PCA 2025 show floor, I stopped guessing. I got confirmation.

I’m 41 years old, and it’s a surreal thing to shake hands with people I’ve known since I was 18 - only now, they’re asking how to get out. What’s even more surreal? The number of people my age - or younger - asking how to get in.

That’s when the lightbulb went off. This isn’t just a changing of the guard. It’s an inflection point.

So here’s the move: The Cigar Profit is officially adding buyer/seller matchmaking to its core service offerings.

We’re not doing this the Wall Street way. This isn’t about cold acquisition or pushing papers. It’s about preserving legacies and setting up successors to win. It’s about asking the hard questions before someone hands over keys they’ve held for 20 years.

Will we become a full-service M&A shop overnight? No. But that’s the goal - and we’re starting with what matters most: connection. The right buyers. The right sellers. The right timing.

Because the future of this industry won’t be defined by who has the best new blend. It’ll be defined by who has the guts to build - or hand off - something worth keeping.

To the Newcomers: Are You Ready to Lead?

With all the buying, selling, and generational transition already underway, the question isn’t if there’s room for new blood - it’s whether that new blood is ready to lead.

Many of the brands that debuted at PCA - or those still relatively new to the show - brought style, energy, and real passion. But passion alone doesn’t build a brand. And creativity - while critical - won’t carry you through a market that's only getting sharper, leaner, and more demanding.

Walking the floor, I saw booths and brand stories that leaned hard into the artisanal, local, and hyper-niche. It reminded me of walking through Williamsburg, Wynwood, or Northern Liberties - small-batch cool with an edge of resistance to scale. And there’s nothing wrong with that if that’s your true north.

But if your goal is to someday expand, to build a brand that lives beyond its ZIP code or your personal story, you’ll need more than great design and a heartfelt backstory. You’ll need a plan. A real one.

Because branding yourself as "small by design" only works until the opportunity to grow knocks on your door - and then you’re stuck. Scale without intention creates dissonance. It confuses the market and alienates the customer base that bought in when you were just getting started.

That said, there were a few newcomers who stood out. They were prepared. Capitalized. Strategic. They came to build, not just to announce themselves. They saw the gaps created by an aging industry and are already moving to fill them.

We need more of that.

The next generation of this industry isn’t defined by age - it’s defined by mindset. By clarity. By execution. I know the energy is out there. During COVID, the industry saw a demographic shift for the first time in years. Younger consumers entered the fold. Black cigar culture and women-led brands gained traction. More diverse buyers brought new energy into the business.

Yes, we’ve cooled since the height of the COVID cigar boom - but we’re still operating at a level higher than pre-2020. That momentum is still real. And it’s waiting to be redirected by people who want to lead.

If we want this industry to thrive - not just survive - we need more builders. More doers. More people unafraid to take a swing and say, "I want to be next."

And before anyone asks the inevitable – ‘if you know so much, why aren’t you building your own brand?’

Simple: because right now, I’m more interested in helping the people who need it. I’ve built brands. I’ve lived every side of this industry. At this stage, I’d rather use that experience to guide others - to help serious operators avoid mistakes, move faster, and build something worth keeping. That’s where the real impact is.

So,

In a world of tan-brown cigars, presented in tan-brown boxes… how will your brand stand out?

In a world where mass consolidation is upon us… how will you stand for choice?

Final Word

The premium cigar industry is changing - quickly. And whether you’ve been in the game for 20 years or 20 minutes, the same question applies:

What are you doing to move it forward?

If you’ve read this far, you already understand that the rules have shifted. Success is no longer about having the best blend or the flashiest booth. It’s about alignment. Strategy. Follow-through. And the discipline to build something that lasts when the show ends and the lights go down.

That’s what I help people do.

The Cigar Profit isn’t just a consulting brand. It’s a filter. It separates the real from the aspirational. It turns good ideas into sustainable businesses. And it’s designed to make sure your best efforts aren’t wasted on bad timing, poor messaging, or a lack of structure.

If you're building something and you know it’s time to tighten up, reach out. If you’re preparing to scale or thinking about an exit, let's talk. If you’re tired of running in circles and want an actual roadmap - we can build it.

There’s never been more noise in this business. But for the right people, that’s an advantage.

Because clarity cuts through.

Let’s get to work! Visit cigarprofit.com to schedule your exploratory call or if you're looking to sell your business or buy a different one - visit cigarprofit.com, scrole to the bottom of the page and place a general inquiry.