Michael Jordan becomes the latest celebrity to jump into the liquor business. His Airness and other NBA owners including Jeanie Buss, have partnered up to launch a new tequila brand, Cincoro.
Michael Jordan, the owner of the Charlotte Hornets, teamed up with Jeanie Buss, owner and president of the Los Angeles Lakers; Wes Edens, co-owner of the Milwaukee Bucks; Wyc Grousbeck, owner of the Boston Celtics, to develop an ultra-premium tequila brand.
The idea was hatched in 2016 when all of the owners were in New York City for NBA meetings. The owners put aside their rivalries, especially the Lakers and Celtics, to have dinner and develop a plan to create a new high-end tequila brand.
Now, three years later, the NBA owners are launching their Cincoro Tequila brand. Cincoro Tequila will initially be available in 12 markets: Arizona, California, Colorado, Connecticut, Florida, Illinois, Massachusetts, Nevada, New Jersey, New York, Washington D.C., and Wisconsin.
But this tequila won’t come cheap. Cincoro Tequila will be offered in four different varieties: Blanco starting at $70, reposado for $90, anejo at $130, and for those with deep pockets and a love for well-aged tequila there is the extra anejo that is priced at a cool $1,600.
“We set out to create a sipping tequila that is ultra-smooth, naturally rich, complex and delicious; a tequila with exceptional taste,” Emilia Fazzalari, who is Wyc Grousbeck’s fiancée, told Forbes.
“Through hard work, determination and collaboration with our amazing group of founders and extended team, we have brought to life Cincoro Tequila, said Fazzalari, who is the Chief Executive Officer and Founding Partner of Cinco Spirits. “We believe each of our four Cincoro expressions provides a unique tequila experience that can transcend the category. We cannot wait to share Cincoro with the world!”
Cincoro Tequilas has already won 16 medals across prestigious spirits competitions including a “Double Gold” for Cincoro Reposado at the 2019 San Francisco World Spirits Competition according to the press release from the upcoming tequila brand.
Cincoro Tequila is said to be hand-selected from two regions in Jalisco, the highlands that provide sweet, floral notes and the lowlands that give a more minerally flavor. Cincoro is manufactured in an existing Jalisco distillery which bottles 96 other brands. Cincoro Tequila has not yet declared if they will open their own distillery yet.
Tequila is a big business right now, especially in the United States. The U.S. consumed 18.3 million cases of tequila last year, which is 56% of global consumption. And tequila lovers are willing to spend the money on smooth premium tequila. There has been a 19% increase in ultra-premium tequila, which are agave spirits with a starting price is $45 a bottle, since 2013.
The celebrity liquor market is jampacked and only getting more and more crowded. Dwayne “The Rock” Johnson is developing his own tequila, Ryan Reynolds acquired Aviation Gin, Matthew McConaughey has his own line of Texas-inspired Longbranch Whiskey with Wild Turkey Bourbon, Bob Dylan has his own line of whiskeys and bourbons called Heaven’s Door, Wu-Tang Clan have their own brand of vodka, Diddy has Ciroc Vodka, Drake has Virginia Black Whiskey, Connor McGregor has Notorious Irish Whiskey, Channing Tatum has Born and Bred Vodka, Justin Timberlake has Sauza 901 Tequila, Dan Akroyd has Crystal Head Vodka, Kenny Chesney has Blue Chair Bay Rum, and rocker Sammy Hagar is working on a new tequila with celebrity chef Guy Fieri. Even Elon Musk said he was interested in making his own tequila brand called Teslaquila.