Just a decade ago, tinned fish was hardly a premium product. Most Americans likely associated cans of tuna with thrift. But that has changed a lot in recent years. The category took off during Covid and now shoppers are shelling out for high end brands like Fishwife. Today's guest Becca Millstein started the company in 2020, positioning it as a distinct, artisanal product, more akin to one might find in European grocery stores. In addition to the sheer challenges of scaling, the nature of the business itself has changed, influenced by climate change and geopolitics (shortages have led Morocco to suspend frozen sardine exports for instance). We discuss the tinned fish supply chain and how a new brand positions itself in today's media market. Chapters: 00:00:00 - What’s happened to canneries in the US? 00:03:33 - Global Supply Chain Context 00:05:55 - Fishwife Brand Origins 00:10:24 - Supply Chain Deep Dive: Anchovy Production 00:15:49 - Breaking Into European Supply Chains 00:21:05 - Zero-to-One Business Development 00:23:39 - Scaling Challenges and Supply Chain V2 00:25:50 - American Manufacturing Decline Context 00:29:10 - Moroccan Sardine Crisis Details 00:33:05 - Health Trends and Consumer Behavior 00:35:18 - DTC Brand Strategy Evolution 00:38:28 - Climate Change and Fishery Science 00:44:03 - Pricing and Competition 00:46:25 - Brand Collaborations 00:48:30 - Influencer Marketing Strategy 00:50:15 - Tariffs and Trade Impact 00:55:33 - Wild vs Farmed Salmon Decision Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg