Sean “Diddy” Combs is toasting to the new year with a new deal. The hip-hop mogul has announced the acquisition of luxury tequila brand DeLeÃ³n.
The joint venture, a 50/50 global partnership between Diageo and Diddy’s Combs Wine & Spirits, builds on the strategic alliance formed by Diageo and Combs Enterprises to develop and grow the CÃ®roc ultra-premium vodka brand.
Diddy is hoping to replicate the success he has had with CÃ®roc. Since 2007, the vodka has grown from 50,000 cases a year into a nearly 2 million case brand. The DeLeÃ³n joint venture will benefit from Diageo’s distribution, supply chain, and marketing, as well as Diddy’s access to influencers.
“Celebration is a cornerstone of all my businesses, and this joint venture is a natural extension of that portfolio,” said Diddy. “DeLeÃ³n is an outstanding brand that appeals to those who love exceptional tequila in a distinctive bottle. Together with Diageo, we will take DeLeÃ³n to new heights.”
DeLeÃ³n is a blue weber agave tequila with a loyal following in the entertainment industry. The liquor, which is distributed in 18 U.S. states and Washington, D.C., retails for $120 to over $1,000 per bottle.