(AllHipHop News) Sean "Diddy" Combs hopes to recreate the success of his Ciroc vodka brand with the acquisition of luxury tequila brand DeLeón.
Diddy and Diageo Spirits have partnered to acquire DeLeón as their second 50–50 joint venture.
Diddy's company Combs Wine & Spirits and Diageo are already 50–50 partners in Ciroc vodka.
"Celebration is a cornerstone of all my businesses, and this joint venture is a natural extension of that portfolio," said Sean Combs, Chairman, Combs Wine & Spirits. "DeLeón is an outstanding brand that appeals to those who love exceptional tequila in a distinctive bottle. Together with Diageo, we will take DeLeón to new heights."
Under Diddy's leadership, Ciroc has experienced phenomenal growth.
Since 2007, Ciroc has gone from selling 50,000 cases a year, to nearly 2,000,000 cases per year.
According to Diageo's CEO, it was Diddy's involvement with Ciroc's success that solidified the purchase of DeLeón.
"The joint venture with Combs Wine & Spirits and its purchase of DeLeón is Diageo's latest step toward returning to a leading position in tequila in North America," said Larry Schwartz, President, Diageo North America. "Expanding our relationship with Sean Combs into tequila was a natural choice given Sean's ability to galvanize support for luxury brands, as we've seen with our work together on Cîroc. Ultra-premium and above tequila is a very exciting segment - we already have a strong brand there with Don Julio and are pleased to complement that offering with DeLeón."
The tequila comes in five variations, ranging in price from $120.00 to over $1,000.00 per bottle.
"In creating DeLeón, I brought the skills of fine wine-making and natural barrel aging to the art of tequila. The result was a spirit unparalleled in purity and taste," added Brent Hocking, DeLeón's founder. "I am entrusting DeLeón Tequila to the capable hands of Diageo and Sean Combs as both have demonstrated a commitment to luxury and quality which reflects my own commitment to the DeLeón brand."