Cincoro debuted in 2019 by NBA owners Michael Jordan of the Charlotte Hornets, Jeanie Buss of the Lakers, Wes Edens of the Bucks and Emilia Fazzalari and Wyc Grousbeck of the Celtics.
Source: Cincoro Tequila
They are basketball’s biggest stage rival. But when it comes to tequila, they’re friends.
Cincoro, the brand created by five National Basketball Association team owners, including Hall of Famer Michael Jordan, on Wednesday announced a new blend of their award-winning tequila. Cincoro Gold, geared towards the luxury market, will be available in limited quantities in October and sell for $349.99 a bottle. It is Cincoro’s fifth blend.
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Jordan himself is promising no less than “the best tequila in the world” – powerful words from the man often referred to as the world’s greatest basketball player.
“While the tequila space can be crowded, we are fierce competitors and our portfolio reflects our passion and commitment to creating truly delicious food and special,” owner Charlotte Hornets told CNBC.
He’s joined the joint venture of Los Angeles Lakers owner Jeannie Buss, Wes Edens of the Milwaukee Bucks ownership group, and Wyc Grousbeck and Emilia Fazzalari of the Boston Celtics. It all started to come together in 2016, when Jordan, Buss, Edens, Fazzalari and Grousbeck planned to have dinner in New York City before NBA meetings. While waiting for their table, the owners discovered they don’t just have basketball in common. They also love tequila.
Fazzalari said: “It was the first time all five of us had dinner together and something really special happened that night as we bonded as friends and rivals. shared”. “We started talking about how much we all love tequila and we realized we shared this passion.”
Their discussions have grown and they have seen an opening in the market. Fazzalari says they made more than 1,000 tequilas before finally landing on their flavor profile. Meetings and tastings will often be scheduled around NBA board meetings.
“In particular, Michael taught us how to drink tequila. He taught us how to sip tequila,” she said. “He taught us that he likes to drink it neat or with a big rock and always a slice of orange and you know it’s all about chilling and enjoying the moment.”
In just three years, according to Cincoro, the brand has sold 1.5 million bottles nationwide and won 23 awards in recognized spirit competitions. Fazzalari says tequila is available at every major hotel chain, top restaurant groups and many independent liquor stores across the country.
“Our strategy is to grow our distribution in the United States and then go overseas,” she added.
While brands like Cuervo, Patron, Don Julio and Casamigos by George Clooney control the majority of the market, IWSR Beverage Market Research The data shows that Cincoro is in the top 20 in terms of retail value contribution to the tequila category.
“The top 10 tequila brands in the US account for almost 70% of the category value, so it’s very concentrated. The remaining 30% is allocated to dozens of smaller brands, one of which is Cincoro,” Brandy said. Rand, Chief Strategy Officer of IWSR said Office staff.
Cincoro says it tries to differentiate its product through its unique flavor and aging process. They started by harvesting agave plants that are at least seven years old in Jalisco, Mexico. The agave is slow cooked and fermented for six days and then it is aged in whiskey casks. Its newest offering, Cincoro Gold blends all previous expressions together to create a richer taste. Fazzalari describes it as “reminiscent of a aged scotch or cognac.”
In just three years, Cincoro has sold 1.5 million bottles nationwide and won 23 awards in recognized spirits competitions.
Courtesy: Cincoro Tequila
So far, Cincoro is proving to be a good investment for owners, as this spirit becomes more popular. According to the IWSR, Tequila is one of the fastest growing spirits in America.
Last year, total production increased by nearly 17% and value increased by more than 27%. Super premium tequila and above – brands in the $30 and up price range – are seeing even greater growth, with volumes up 36.5% last year and almost 40% in value. . By the end of next year, tequila is poised to become the largest brandy in America in terms of value.
Jordan and his friends may be up to something. Tequila brands with celebrity connections have enjoyed rapid success. According to IWSR, celebrity tequilas grew at a compound annual growth rate of over 50% from 2016 to 2021, bringing in $1.9 billion in global sales in 2021 alone. From Dwayne ” The Rock” Johnson, Nick Jonas to Lebron James, has a brand of tequila that is a hot commodity.
In 2013, Clooney launched Casamigos. It started as a mix shared by his family and friends, and it became an instant hit. In 2017, Clooney sold Casamigos to Diageo for 1 million dollar. Today, that is not. 3 tequila brands by market share both in value and volume.
“Celebrity engagement adds flair to the category, and celebrities organically expand the demand base for tequila by attracting a diverse set of followers and followers,” says Rand. global and diverse fan base,” Rand said.
