Cincoro was launched in 2019 by NBA owners Michael Jordan of the Charlotte Hornets, Jenny Boss of the Lakers, Wes Edens of the Bucks, Emilia Fazzalari and Wyc Grousbeck of the Celtics.
Source: Sencor Tequila
They are rivals on the biggest stage in basketball. But when it comes to tequila, they are friends.
SyncorThe label created by five NBA team owners, including Hall of Famer Michael Jordan, announced on Wednesday a new award-winning tequila blend. Geared towards the luxury market, Cincoro Gold will be available in limited quantities in October and retails for $349.99 a bottle. It is the fifth Cincoro mix.
Jordan himself promises nothing less than “the best tequila in the world” – strong words from the man often referred to as the greatest basketball player in the world.
“While the tequila space may be crowded, we are fierce competitors and our portfolio reflects our passion and commitment to producing truly exceptional and delicious expressions,” owner Charlotte Hornets told CNBC.
He was joined on the project by Los Angeles Lakers owner Jenny Boss, Wes Edens of the Milwaukee Bucks ownership group, and Wake Grosbeek and Emilia Vasalari of the Boston Celtics. They started working together in 2016, when Jordan, Boss, Edens, Vassalari, and Grosbeek all had dinner plans in New York City before the NBA meetings. While waiting for their table, the owners discovered they had more than just a common basketball. They also shared a love of tequila.
“It was the first time the five of us had ever gotten together for dinner, and something really special happened that night as we gathered as friends who are arch rivals,” Fazalari said. “We started talking about how much we all love tequila and realized we had this common passion.”
Their discussions developed and they saw an opening in the market. Vasalari said they made over 1,000 tequila before they finally reached their taste profile. Meetings and tastings are often scheduled around NBA board meetings.
“Michael, in particular, taught us how to drink tequila. He taught us how to drink tequila,” she said. “We’ve been taught he loves to drink it either in style or with one big rock and always a slice of orange and you know it’s all about being cool 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 certified spirit competitions. Fazzalari said tequila is in every major hotel chain, leading restaurant groups and many independent liquor stores across the country.
“Our strategy is to increase our distribution in the United States and then look abroad,” she added.
While brands such as Cuervo, Patron, Don Julio and George Clooney’s Casamigos dominate the majority of the market, IWSR Beverage Market Research The data shows that Cincoro is the top 20 brand in terms of retail value contribution to the tequila category.
“The top 10 tequila brands in the US make up roughly 70% of the category value, so it’s very focused. The remaining 30% is allocated across dozens of smaller brands, one of which is Cincoro,” said Brandy Rand, IWSR’s head of strategy. officer.
Cincoro said it strives to differentiate its product through its unique flavors and aging process. They begin by harvesting agave plants that are at least seven years old in Jalisco, Mexico. The agave is slowly cooked and fermented for six days and then aged in whiskey casks. Their newest product, Cincoro Gold blends all previous expressions together to create a richer flavour. Fassalari describes it as “reminiscent of a little scotch or cognac.”
In just three years, Cincoro has sold 1.5 million bottles nationwide and won 23 awards in certified spirits competitions.
Courtesy: Senkoro Tequila
So far, the Cincoro has proven to be a good investment for owners, as the spirit has become more and more popular. Tequila is one of the fastest growing categories of spirits in the United States, according to the IWSR.
In the past year, overall volume has grown by nearly 17% and value has grown by more than 27%. The premium tequila category and above—brands in the $30+ price range—are seeing even more growth, with volume growing 36.5% last year and nearly 40% in value. By the end of next year, tequila is poised to become the largest class of spirits in the United States by value.
Jordan and his friends might be on their way to something. Tequila brands with famous relationships saw rapid success. According to IWSR, celebrity tequila grew at a compound annual growth rate of more than 50% between 2016 and 2021, generating $1.9 billion in global revenue during 2021 alone. From Dwayne “The Rock” Johnson to Nick Jonas to LeBron James, owning a tequila brand is a hot commodity.
In 2013, Clooney launched Casamigos. It started as a joint mix of his family and friends, and turned into an instant success. In 2017, Clooney sold Casamigos to Diageo for 1 billion dollars. Today, it is not. 3 Tequila brand by market share by value and volume.
“The celebrity engagement adds class to the category and the celebrity is essentially expanding the demand for tequila by attracting a global and diverse group of followers and fans,” Rand said.