Diageo, Diddy partner to buy DeLeon tequila
By
Reuters
Published
Jan. 8, 2014, 3:05 p.m. ET
Diag🗹eo and celebrity rapper-turned-business mogul Sean “Diddy” Combs have jointly bought luxury﷽ , hoping to repeat the success they have had with the company’s fast-growing Ciroc vodka.
The announcement confirms the story .
The record producer, actor and entrepreneur became the face𒆙 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,ꦡ” Combs said in an interview. ꦑ“This deal is way better. This makes me a true owner.”
Financial terms were not disclosed on Wednesdayᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚ, 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 di✨stributing Jose Cuervo, the world’s top-selling tequila.
Diageo, the world’s biggest distilled drinks company, let its distribution agr💫eement with Cuervo’s owner, the Beckmann family, expire after failing to get an eꦰquity stake.