Michael Jordan Joins Other NBA Owners To Launch Premium Tequila Brand
Michael Jordan has partnered with Lakers Controlling Owner & CEO Jeanie Buss and several other NBA owners on a new premium tequila brand that launches this month "across 12 markets, and will go nationwide in January," according to Chloe Sorvino of FORBES. Jordan and Buss teamed with Bucks co-Owner Wes Edens, Celtics Managing Partner & CEO Wyc Grousbeck and his wife Emilia Fazzalari to create Cincoro Tequila under the parent company, Cinco Spirits Group, which is "named in honor of the five partners who bonded over tequila at dinner." Cincoro "claims it has sold out in four markets even before its official launch party." The company "won’t disclose its inventory, just that it has produced several thousand cases." Cincoro is now among the "most expensive tequila brands sold today," with its four tequilas ranging from $130 to $1,600 a bottle. 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." They will need at least $10M more if they "want to grow, or expand to Asia, which Fazzalari says is within their sights." The tasting team, "headed up by Jordan, Fazzalari and Edens, tested more than 1,000 different tequilas before deciding on their own blend." Even with the "boom in the tequila market," the five partners "have no plans for a quick exit" (FORBES.com, 9/16).