Diddy and Diageo buy tequila brand DeLeon
Onyeka Ibeanusi | Thursday, 9 January 2014 | 712 Total Views
American rapper, record producer and business mogul Sean “Diddy” Combs in partnership with Diageo have bought luxury US tequila brand DeLeon, the duo hope to repeat the success they have had with the company’s fast-growing Ciroc vodka.
Diddy became the face of Ciroc in 2007 under a joint marketing and profit-sharing deal that has brought a near 40-fold rise in annual sales volumes for the brand’s products.
“With Ciroc, we dated. Now with DeLeon, we’re married,” Combs said in an interview. “This deal is way better. This makes me a true owner.”
Financial terms were not disclosed on Wednesday, but with the purchase of the DeLeon brand, Diageo takes a tiny step towards replacing the sales and profit lost last year when it stopped distributing Jose Cuervo, the world’s top-selling tequila.