The inside story of how Michael Jordan and 4 NBA owners launched a super-premium tequila brand: by chloesorvino
Cinco Spirits Group
The partners won’t say if they have plans to build their own distillery, but they have already invested several million dollars in the company. And they will need at least $10 million more if they want to grow, or expand to Asia, which Fazzalari says is part of the expansion plan. They may choose to make that investment themselves or bring in additional partners.
To help reach the team’s lofty goals, Cincoro has attracted some of the best talent in the industry to join the brand. Fazzalari now has 19 employees, including the former head of marketing at the Stoli Group and an executive vice president who was integral to launching Grey Goose and later built Patrón from 100,000 cases a year to 2 million.
When it came time to find distribution, Breakthru Beverage’s Lloyd Sobel told Fazzalari not to get her hopes up because he rarely said yes on the first try. But then he took a sip of Cincoro. “I actually left the meeting and went back to my office and got a brand that would be in competition to see, face-to-face, how it would hold up, and it blew it away,” says Sobel. “Cincoro is competing in an area with tremendous growth and a limited competitive set.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jordan selling share of Hornets, will remain majority ownerMichael Jordan is selling a percentage of ownership in the Charlotte Hornets to ...
Read more »
Michael Jordan says Hornets add 2 partnersCHARLOTTE, N.C. (AP) — Michael Jordan is adding two partners to the Charlotte Hornets' ownership group. Gabe Plotkin, founder and chief investment officer of Melvin Capital, and Daniel...
Read more »
Why the Snapchat exhibition at LACMA looks cool but ultimately rings hollowChristian Marclay's 'Sound Stories' exhibition at LACMA lands more as novel branding than fully fleshed out art.
Read more »
Victoria Beckham Launches Clean Beauty Brand -- Shop It Now!The designer officially forays into the beauty space on her own with her Victoria Beckham Beauty line.
Read more »
Raptors launch team-branded hijabs in fan outreachTORONTO (AP) — The Toronto Raptors say a new line of team-branded hijabs is part of an effort to be more inclusive to fans of all cultures. The team's parent company, Maple Leaf Sports and...
Read more »
Germany's car watchdog sets Audi ultimatum to remove illegal diesel software: reportGermany's motor vehicle authority (KBA) has told Volkswagen's premium ...
Read more »