They are rivals on the biggest court in basketball.
On Wednesday, Cincoro, the award-winning tequila brand founded by the owners of five National Basketball Association franchises, including Hall of Famer Michael Jordan, unveiled a new blend.
Focused on luxury, Cincoro Gold will be offered in limited quantities starting in October and will cost $349.99 per bottle.
This is Cincoro’s fifth blend.
Jordan promises “the best tequila in the world” with the emphatic comments of the man hailed as the greatest basketball player in history.
Jeannie Buss, the owner of the Los Angeles Lakers, Wes Edens, the group that owns the Milwaukee Bucks, Wyc Grousbeck, and Emilia Fazzalari, owners of the Boston Celtics, are all partners in the venture.
When Jordan, Buss, Edens, Fazzalari, and Grousbeck planned a dinner in New York before the 2016 NBA games, everything started to fall into place.
Plus, they both enjoyed the tequila.
According to Cincoro, the brand sold 1.5 million bottles nationwide in just three years and collected 23 awards at prestigious alcohol competitions.
According to Fazzalari, tequila is available nationwide at independent liquor stores, chain restaurants, and large hotel chains. Our goal is to increase our national distribution before expanding internationally, he continued.
IWSR Drinks market research data
Shows that Cincoro is one of the top 20 brands in terms of contribution to the tequila category in terms of retail value, although Cuervo, Patron, Don Julio, and George Clooney’s Casamigos own the majority. from the market.
Talk about thr market value
In the United States, the top ten tequila brands account for around 70% of the market’s value.
Cincoro claims that the company is attempting to distinguish its product through the use of unique flavors and aging.
According to the IWSR, tequila is one of the fastest-growing alcohol categories in the United States
Last year, the value increased by more than 27% and the total volume increased by about 17%.
Even more, growth is seen in the super-premium and higher tequila category, which includes brands in the $30+ price range. The volume increased by 36.5% and the value by almost 40% last year.
Tequila is likely to surpass all other spirits in the United States by the end of next year.
Celebrity-related tequila companies quickly became popular.
Celebrity tequila sales will grow nearly 50% annually between 2016 and 2021, according to the IWSR, resulting in $1.9 billion in global sales in 2021 alone.
From Dwayne “The Rock” Johnson to Nick Jonas to LeBron James, the tequila brand is in high demand.
Clooney sold Casamigos to Diageo in 2017 for $1 billion.
