Diageo and celebrity rapper-turned-business mogul Sean “Diddy” Combs have jointly bought luxury US tequila brand DeLeon, hoping to repeat the success they have had with the company’s fast-growing Ciroc vodka.
The announcement confirms the story PageSix.com broke exclusively in December.
The record producer, actor and entrepreneur 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.
Diageo, the world’s biggest distilled drinks company, let its distribution agreement with Cuervo’s owner, the Beckmann family, expire after failing to get an equity stake.