23 Jun George Clooney Sells Tequila Brand for $1 Billion
So, George Clooney just sold his tequila brand Casamigos to Diageo for a reported $1 billion. Yes, you read that right – that George Clooney did own and did start a tequila brand with his good friend Rande Gerber. The company, whose name translates to “House of Friends” started in 2013 as a passion project of the two friends looking to create a no-hangover super-premium tequila.
Why does this deal matter? Well, two reasons, the price, and the founders. Now, I am no alcoholic beverage industry buff nor will pretend to know what a deal like this is worth, but it has to be a premium price for a relatively new company.
Diageo is buying a super-premium product, but also the branding power of an A-list celebrity. The cache and marketability of this would be the envy of any acquisition. While Mr. Clooney is not the first celebrity, rapper or the like nor will he be the last to have his name behind an adult beverage company – this is a bit different. Perhaps its the passion and sincerity behind the project.
Either way, Diageo has bought a high-quality product and a brand that seems to be worthy of the price paid.