Sean "Diddy" Combs is hoping to replicate the success of his vodka brand Ciroc. The rap mogul has just acquired luxury tequila brand DeLeon, according to AllHipHop.
The American rapper has partnered with UK firm Diageo Spirits to buy DeLeon. This is their second 50-50 venture. Diageo is in a similar partnership with Diddy's company, Combs Wine & Spirits, in Ciroc vodka, the report detailed.
Under Diddy's supervision, Ciroc has gone through an exponential growth. Ciroc has been selling 2,000,000 cases every year from 50,000 cases in 2007. Diageo's Chief Executive Officer said Diddy's hand in the vodka brand's success was the key to the DeLeon purchase, the report explained.
Larry Schwartz, President of Diageo North America, said of the deal: "The joint venture with Combs Wine & Spirits and its purchase of DeLeón is Diageo's latest step toward returning to a leading position in tequila in North America. Expanding our relationship with Sean Combs into tequila was a natural choice given Sean's ability to galvanize support for luxury brands, as we've seen with our work together on Cîroc. Ultra-premium and above tequila is a very exciting segment - we already have a strong brand there with Don Julio and are pleased to complement that offering with DeLeón."
The newly acquired tequila brand has five varieties, with prices ranging from $120 to more than $1,000 per bottle, AllHipHop reported.
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