George Clooney just sold his tequila business for up to $1 billion
+10
carolhathaway
fava
premiere
Alisonfan
Sevens
Way2Old4Dis
Donnamarie
party animal - not!
annemarie
benex
14 posters
Page 1 of 1
George Clooney just sold his tequila business for up to $1 billion
[size=36]George Clooney just sold his tequila business for up to $1 billion
Sarah Whitten | @sarahwhit10
35 Mins AgoCNBC.com
[/size]
[You must be registered and logged in to see this image.]
[size=11]David M. Benett | Dave Benett | Getty Images
(L to R) Founders of Casamigos Tequila Mike Meldman, George Clooney and Rande Gerber attend the launch of Casamigos Tequila at Ushuaia Beach Hotel Ibiza on August 23, 2015 in Ibiza, Spain.
George Clooney is selling his tequila company Casamigos to Diageo for as much as $1 billion, a source familiar with the situation told CNBC.
"If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes," Clooney told CNBC via email. "This reflects Diageo's belief in our company and our belief in Diageo. But we're not going anywhere. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."
Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila's performance over 10 years. The transaction is expected to close during the second half of 2017.
Diageo doesn't expect the deal to add to its earnings until its fourth year. In the first three years, the brand will not have any impact on earnings
Clooney, Rande Gerber and Michael Meldman, who own Casamigos together, are expected to stay with the company after its acquisition.
Gerber founded nightlife companies Midnight Oil and the Gerber Group and Meldman is a real estate tycoon.
Casamigos, which loosely translates to "house of friends," started as a private collection of tequilas meant just for Gerber and Clooney's friends and family. However, in 2013, the team brought the label public when they had to get licensed to continue making the tequila.
"It immediately took off," Gerber told CNBC back in November. "Right now, we're the fastest growing ultra-premium tequila in the country."
— CNBC's Jen Zweben contributed to this report.
[/size]
Sarah Whitten | @sarahwhit10
35 Mins AgoCNBC.com
[/size]
175
SHARES
SHARES
[You must be registered and logged in to see this image.]
[size=11]David M. Benett | Dave Benett | Getty Images
(L to R) Founders of Casamigos Tequila Mike Meldman, George Clooney and Rande Gerber attend the launch of Casamigos Tequila at Ushuaia Beach Hotel Ibiza on August 23, 2015 in Ibiza, Spain.
George Clooney is selling his tequila company Casamigos to Diageo for as much as $1 billion, a source familiar with the situation told CNBC.
"If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes," Clooney told CNBC via email. "This reflects Diageo's belief in our company and our belief in Diageo. But we're not going anywhere. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."
Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila's performance over 10 years. The transaction is expected to close during the second half of 2017.
Diageo doesn't expect the deal to add to its earnings until its fourth year. In the first three years, the brand will not have any impact on earnings
Clooney, Rande Gerber and Michael Meldman, who own Casamigos together, are expected to stay with the company after its acquisition.
Gerber founded nightlife companies Midnight Oil and the Gerber Group and Meldman is a real estate tycoon.
Casamigos, which loosely translates to "house of friends," started as a private collection of tequilas meant just for Gerber and Clooney's friends and family. However, in 2013, the team brought the label public when they had to get licensed to continue making the tequila.
"It immediately took off," Gerber told CNBC back in November. "Right now, we're the fastest growing ultra-premium tequila in the country."
— CNBC's Jen Zweben contributed to this report.
[/size]
benex- Clooney-phile
- Posts : 608
Join date : 2011-07-13
Location : italy
Re: George Clooney just sold his tequila business for up to $1 billion
[You must be registered and logged in to see this link.]
George Clooney is saying adios to Casamigos.
The 56-year-old actor just sold his tequlia company to British spirits seller Diageo for a cool $1 billion, Deadline reports.
Clooney, who owns the booze brand with Rande Gerber and Michael Meldman, is reportedly staying with the company after it’s purchased.
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney told Deadline.
“We’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two,”
Casamigos, which loosely translates to “house of friends," started up four years ago as a private collection between Gerber and Clooney’s friends and family. The label went public in 2013 when the team had to get a license to continue making tequila.
George Clooney is saying adios to Casamigos.
The 56-year-old actor just sold his tequlia company to British spirits seller Diageo for a cool $1 billion, Deadline reports.
Clooney, who owns the booze brand with Rande Gerber and Michael Meldman, is reportedly staying with the company after it’s purchased.
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney told Deadline.
“We’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two,”
Casamigos, which loosely translates to “house of friends," started up four years ago as a private collection between Gerber and Clooney’s friends and family. The label went public in 2013 when the team had to get a license to continue making tequila.
annemarie- Over the Clooney moon
- Posts : 10309
Join date : 2011-09-11
Re: George Clooney just sold his tequila business for up to $1 billion
[size=40]A tequila company George Clooney started by accident is being sold for $1 billion[/size]
[You must be registered and logged in to see this image.][size=12]Courtesy Casamigos
George Clooney created a tequila company on a whim and now it's being sold for $1 billion, CNBC is reporting.
The idea behind Casamigos, the brainchild of Clooney and his two friends, Rande Gerber (Cindy Crawford's husband), and Michael Meldman, was born when Clooney and Gerber bought neighboring properties in Mexico and got into drinking tequila. They got so into the drink they decided to create their own, Clooney told CNBC.
"Our idea was to make the best-tasting, smoothest tequila whose taste didn’t have to be covered up with salt or lime," the founders claim on their Facebook page.
Initially, the spirit was only made for their own consumption but after two years the distillery said that they had ordered so many "samples" that they would now need to have the drink licensed.
In 2013, they launched the company and made the drink available to the public. It became one of the fastest-growing tequila brands.
The business is now being sold to Diageo for $1 billion. [/size]
- Mary Hanbury
- 20m
- 32
- FACEBOOK
- [url=http://www.linkedin.com/shareArticle?mini=true&url=http://www.businessinsider.com/george-clooney-tequila-casamigos-sold-for-1-billion-2017-6&title=A tequila company George Clooney started by accident is being sold for $1 billion&summary=Casamigos was never meant to be offered to the public.]LINKEDIN[/url]
- TWITTER
[You must be registered and logged in to see this image.][size=12]Courtesy Casamigos
George Clooney created a tequila company on a whim and now it's being sold for $1 billion, CNBC is reporting.
The idea behind Casamigos, the brainchild of Clooney and his two friends, Rande Gerber (Cindy Crawford's husband), and Michael Meldman, was born when Clooney and Gerber bought neighboring properties in Mexico and got into drinking tequila. They got so into the drink they decided to create their own, Clooney told CNBC.
"Our idea was to make the best-tasting, smoothest tequila whose taste didn’t have to be covered up with salt or lime," the founders claim on their Facebook page.
Initially, the spirit was only made for their own consumption but after two years the distillery said that they had ordered so many "samples" that they would now need to have the drink licensed.
In 2013, they launched the company and made the drink available to the public. It became one of the fastest-growing tequila brands.
The business is now being sold to Diageo for $1 billion. [/size]
benex- Clooney-phile
- Posts : 608
Join date : 2011-07-13
Location : italy
Re: George Clooney just sold his tequila business for up to $1 billion
Great find, Benex.
[You must be registered and logged in to see this link.]
Well, he certainly meant it when he said it had been his biggest earner ever!
[You must be registered and logged in to see this link.]
Well, he certainly meant it when he said it had been his biggest earner ever!
party animal - not!- George Clooney fan forever!
- Posts : 12375
Join date : 2012-02-16
Re: George Clooney just sold his tequila business for up to $1 billion
Hmmm well this is very interesting. So tho the guys are selling they are still going to be very much involved with Casamigos? Wonder what that means?
$1 billion ... wow!
$1 billion ... wow!
Donnamarie- Possibly more Clooney than George himself
- Posts : 5881
Join date : 2014-08-26
Location : Washington, DC
Re: George Clooney just sold his tequila business for up to $1 billion
It means they're now very high-priced employees of Diageo.
Way2Old4Dis- Mastering the tao of Clooney
- Posts : 2742
Join date : 2012-06-25
Re: George Clooney just sold his tequila business for up to $1 billion
Rande's statement:
“We created Casamigos Tequila 4 years ago for us to drink personally and selling it for 1 billion dollars is something we never could have imagined,” Gerber said in a statement to PEOPLE. “We remain committed to our brand and look forward to our future with Diageo and continuing our work with our dedicated and passionate Casamigos team.”
[You must be registered and logged in to see this link.]
“We created Casamigos Tequila 4 years ago for us to drink personally and selling it for 1 billion dollars is something we never could have imagined,” Gerber said in a statement to PEOPLE. “We remain committed to our brand and look forward to our future with Diageo and continuing our work with our dedicated and passionate Casamigos team.”
[You must be registered and logged in to see this link.]
Sevens- Clooney Zen Master
- Posts : 3095
Join date : 2014-02-26
Location : Xi'an, China
Re: George Clooney just sold his tequila business for up to $1 billion
Er, associate directors? Part of the marketing team? Truly global stuff as Diageo is a British company....
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
party animal - not!- George Clooney fan forever!
- Posts : 12375
Join date : 2012-02-16
Re: George Clooney just sold his tequila business for up to $1 billion
[You must be registered and logged in to see this link.]
Diageo's statement
Diageo's statement
Sevens- Clooney Zen Master
- Posts : 3095
Join date : 2014-02-26
Location : Xi'an, China
Re: George Clooney just sold his tequila business for up to $1 billion
Way2Old4Dis wrote:It means they're now very high-priced employees of Diageo.
Amal too and Cindy 1/4 billionaires esses
Alisonfan- Ooh, Mr Clooney!
- Posts : 781
Join date : 2014-03-25
party animal - not!- George Clooney fan forever!
- Posts : 12375
Join date : 2012-02-16
Re: George Clooney just sold his tequila business for up to $1 billion
Im disappointed they are selling. But they have their reasons. I'm wondering if the business was getting bigger than they could handle efficiently? Rande and George staying on to promote and advise hopefully will ensure that the quality of their product won't be diminished. If their names are staying on the label then I would think they are very much invested in making sure the quality doesn't change. Rande and/or George have stayed pretty "hands-on" with Casamigos. Rande has said they taste every batch personally.
Donnamarie- Possibly more Clooney than George himself
- Posts : 5881
Join date : 2014-08-26
Location : Washington, DC
Re: George Clooney just sold his tequila business for up to $1 billion
Amal will have it spent in 6 months.
premiere- Clooney Expert
- Posts : 293
Join date : 2011-03-31
Re: George Clooney just sold his tequila business for up to $1 billion
Depends on the pre-nup! And don't they have a 3rd partner?Alisonfan wrote:Way2Old4Dis wrote:It means they're now very high-priced employees of Diageo.
Amal too and Cindy 1/4 billionaires esses
In any event, if you read the deal it is not for $1 billion. It is $700 million with the possibility of more over 10 years depending on the performance of the tequila.
But yeah, a hell of a lot. Who knew the liquor business was worth this much for what must essentially be a niche brand (1 type of liquor at a higher price point)?
fava- More than a little bit enthusiastic about Clooney
- Posts : 1200
Join date : 2011-02-24
Re: George Clooney just sold his tequila business for up to $1 billion
Mike Meldman is their partner at Casamigos.
Since the sale of Casamigos became public, I've read many headlines like 'George Clooney earned $1 billion overnight' which is absolutely wrong. But even if they just get $700 million I guess they can survive a while
I just hope they made sure that Diageo will keep their staff and trwat them right...
Since the sale of Casamigos became public, I've read many headlines like 'George Clooney earned $1 billion overnight' which is absolutely wrong. But even if they just get $700 million I guess they can survive a while
I just hope they made sure that Diageo will keep their staff and trwat them right...
carolhathaway- Achieving total Clooney-dom
- Posts : 2919
Join date : 2015-03-24
Re: George Clooney just sold his tequila business for up to $1 billion
I'm assuming the $700 million will be split three ways. One article I read said George was getting $233 million.
Donnamarie- Possibly more Clooney than George himself
- Posts : 5881
Join date : 2014-08-26
Location : Washington, DC
Re: George Clooney just sold his tequila business for up to $1 billion
Yep it was split three ways George is the big name so of course they ignore the others.
annemarie- Over the Clooney moon
- Posts : 10309
Join date : 2011-09-11
Re: George Clooney just sold his tequila business for up to $1 billion
To be honest I feel uneasy about these details
being made public just now that George
has a family to protect.
Many unpleasant greedy people out there.
being made public just now that George
has a family to protect.
Many unpleasant greedy people out there.
Joanna- George Clooney fan forever!
- Posts : 19431
Join date : 2011-11-17
Location : UK
Re: George Clooney just sold his tequila business for up to $1 billion
I read that Diageo bought another tequila brand (Jose Cuervo). I wonder if they spent as much for that as for CasaMigos. Maybe they're trying to corner the market on premium tequila brands.
Jo, as far as security is concerned I think they're pretty safe for now considering they're hunkered down in Sonning. I'm sure they've got plenty of security - maybe even more than usual now that the twins are there. I'd be more worried about the Gerber kids since they're older and out in the world more, which leaves them more exposed.
Jo, as far as security is concerned I think they're pretty safe for now considering they're hunkered down in Sonning. I'm sure they've got plenty of security - maybe even more than usual now that the twins are there. I'd be more worried about the Gerber kids since they're older and out in the world more, which leaves them more exposed.
LizzyNY- Casamigos with Mr Clooney
- Posts : 8167
Join date : 2013-08-28
Location : NY, USA
party animal - not!- George Clooney fan forever!
- Posts : 12375
Join date : 2012-02-16
party animal - not!- George Clooney fan forever!
- Posts : 12375
Join date : 2012-02-16
Re: George Clooney just sold his tequila business for up to $1 billion
Don't forget the tax man takes its cut from this too. Not that they'll be starving trying to live of the $100 million or so that they'll each get, but it's not quite the 1 billion touted in the press!
Katiedot- Admin
- Posts : 13223
Join date : 2010-12-05
Re: George Clooney just sold his tequila business for up to $1 billion
[You must be registered and logged in to see this link.]
[size=32]Investors Doubt George Clooney's Tequila Is Worth $1 Billion[/size]
[You must be registered and logged in to see this image.]
Diageo
George Clooney poses with his tequila, Casamigos, and one of his partners.
Hollywood megastar George Clooney might be joyously counting his cash after Diageo agreed to buy his tequila company for up to $1 billion Wednesday but investors in the London-based alcoholic beverage giant aren’t exactly celebrating. Diageo shares fell 1.75% to $119.62 on the NYSE as analysts warned that the world’s largest liquor maker might be overpaying for the super-premium Casamigos brand Clooney co-founded with two friends.
Diageo touts that Casamigos is the fastest-growing super premium tequila in the country, and tequila sales are projected to grow at a compound annual rate of 3.6% over the next five years, with high-end tequila expected to lead the way. But analysts at Citigroup and Credit Suisse caution that the price that Diageo agreed to for Casamigos, which amounts to 20 times annual sales, is rather high. The category average is four to six times sales, according to Reuters. Morgan Stanley left the stock on “Overweight,” while Citigroup left it on “Neutral.”
[url=https://twitter.com/intent/tweet?url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Ftaranurin%2F2017%2F06%2F22%2Finvestors-doubt-george-clooneys-tequila-is-worth-its-1-billion-offer%2F&text=The stars must line up perfectly for this deal to create value%2C in our opinion.]“The stars must line up perfectly for this deal to create value, in our opinion,”[/url] writes Morningstar analyst Philip Gorham, who estimates the valuation lower Morgan Stanley at 11.5 times 2017 sales.
Diageo will pay $700 million in cash and debt upfront and another $300 million more over ten years if the brand meets undisclosed performance measures. Clooney and his partners, nightlife impresario Rande Gerber and real estate mogul Mike Meldman, started Casamigos four years ago to craft gifts for friends, family and themselves. When the federal government informed them they were making too much for home consumption, they each chipped in a reported $600,000 to go commercial by contracting production out of Mexico. According to SEC filings, the company sold 120,000 cases last year and is on track to sell 170,000 by the end of this year.
According to Forbes staff writer Natalie Robehmed:
In comparison, Brown-Forman spent $876 million on two tequila brands, Tequila Herradura and El Jimador in 2006, which had sold nearly 1.8 million cases combined in the year prior to its acquisition. In 2012, Beam forked out $600 million on the cheaper Pinnacle tequila, which was set to shift more than 3 million cases that year. More recently, Pernod Ricard bought the majority of Avion Tequila for $100 million in 2014 (it had moved 53,000 cases in 2013, according to Impact Databank).
Jeremy Cunnington, Senior Analyst at Euromonitor International, said in a statement:
This acquisition is part of a general trend of companies willing to pay very high multiples for spirits brands of perceived quality, eg: Pernod Ricard and Smooth Ambler and Constellation’s recent spirits acquisitions. It is very much a sellers’ market and a number of buyers will be burnt with their optimism for the brands’ performance not matching reality. The company obviously feels that the growth trajectory of the brand, especially with its added distribution heft will produce results. However, considering they already have a raft of high end tequilas, such as Don Julio, Peligrosso and De Leon, it does seem rather surprising.
If 54% over two years sounds like tremendous growth for a four-year-old company, it is. But it’s not out of line for the American super premium and high-end premium tequila industry, which the Distilled Spirits Council (DISCUS) says has expanded by 706% and 292%, respectively, since 2002. DISCUS defines a premium tequila as one that costs between $10 and $17.78 for a one-liter bottle. A 750 ml high-end premium bottle costs between approximately $18 and $26 and super premium rings in above $26. Costing between $45 and $55, a 750 ml bottle of Casamigos lands in the super premium category.
“Casamigos is a fabulous brand in an exploding category that has experienced impressive growth and consumer pull, and we see an opportunity for Casamigos to continue to grow and take share successfully. We structured the deal with an earn-out over ten years to demonstrate our confidence in the growth of the brand, but also to help ensure we get the return we expect,” says Zsoka McDonald, vice president of corporate relations for Diageo North America.
“Casamigos is a great brand as it’s grown very rapidly,” agrees DISCUS Senior Vice President Frank Coleman. “It’s been very successful, particularly in the super premium category, which is what the U.S. market is looking for.”
Casting aside its reputation as a cheap way for college students to get drunk, tequila has emerged over the past 15 years as a luxury artisanal spirit that now sells better in the United States than in any other country, including Mexico, where by law it must be made.
Katiedot- Admin
- Posts : 13223
Join date : 2010-12-05
Re: George Clooney just sold his tequila business for up to $1 billion
[You must be registered and logged in to see this link.]
[size=36]George Clooney’s partner Rande Gerber says everyone ‘kind of shocked’ by tequila company’s $1 billion sale[/size]
- By LUCHINA FISHER
[size=13]Jun 22, 2017
[/size]
[You must be registered and logged in to see this image.]@Casamigos/Twitter
George Clooney won't have to worry about a college fund for his newborn twins.
The Oscar winner just sold his tequila business with partners Rande Gerber and Michael Meldman to British company Diageo for $1 billion, ABC News has confirmed.
George Clooney Gets in Bed For Casamigos Tequila Ad
"If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes," Clooney said in a statement Wednesday. "This reflects Diageo’s belief in our company and our belief in Diageo."
Gerber described himself, Clooney and Meldman as "kind of shocked" by the sale.
"I guess we were kind of shocked because never planned on starting a tequila company. We made Casamigos just for us to drink," Gerber said today on "Good Morning America" by phone from Mexico. "Four years later when, you know, we’re offered a billion dollars to sell the company, yeah, we were kind of shocked."
CNBC first reported on the deal, in which Diageo will pay an initial $700 million, with the potential for another $300 million over 10 years based on the tequila's performance.
Diageo was lauding the deal on Twitter.
Clooney made it clear that although he and his partners sold the company, they will still be involved, saying in his statement, "We’ll still be very much a part of Casamigos."
Gerber, who is married to supermodel Cindy Crawford, echoed Clooney's statement and described the Casamigos brand as "a lifestyle" for its founders.
"I think the most important thing for us though was we really love what we do and we love what we made and want to keep drinking it and keep the team together," he said. "Fortunately we get to keep our team together and we’ll continue to run the company and stay involved."
The three friends started the company, which translates to "house of friends," as a private collection of tequilas meant just for their friends and family. But in 2013, they took the company public.
"It is pretty shocking what we created in four years," Gerber said on "GMA," adding they will "definitely not" change any of their tequila recipes.
After the sale, Clooney was lauded for his good fortune.
Actor and director Albert Brooks joked on Twitter that "it's great when someone like that can catch a break."
Katiedot- Admin
- Posts : 13223
Join date : 2010-12-05
Re: George Clooney just sold his tequila business for up to $1 billion
Of course Casamigos objective value isn't $1 billion, that's what others (Diageo) are willing to pay for it. That's how capitalism works! Or does anybody really think that companies like Apple and especially (whose most valuable asset are the users datas)?
carolhathaway- Achieving total Clooney-dom
- Posts : 2919
Join date : 2015-03-24
Re: George Clooney just sold his tequila business for up to $1 billion
I'm still surprised that Diageo think that $1bn is a good investment for Casamigos. Do they even have the production capacity to make so much tequila to sell so Diageo can make their money back?
Katiedot- Admin
- Posts : 13223
Join date : 2010-12-05
Re: George Clooney just sold his tequila business for up to $1 billion
Diageo wants to expand Casamigos' reach worldwide so I would guess that they factored that into their justification for a $1 billion price tag. They seem to be really successful with their other brands, including CIROC vodka, which is marketed and promoted by Sean Diddy Combs. I guess Diageo is looking for similar success using George and Rande as promoters as well.
Donnamarie- Possibly more Clooney than George himself
- Posts : 5881
Join date : 2014-08-26
Location : Washington, DC
Re: George Clooney just sold his tequila business for up to $1 billion
There are many reasons for buying a competing brand - and also many reasons for selling it.
Reasons for Diageo might be:
- Controlling a fast growing, very successful competitor
- Controlling the tequila market
- Simply thinking that it's a good investment
...
Reasons to sell Casamigos might be:
- They want to spend less time with everydays business
- One of them - not necessarily George - needs the money
- They want a good ROI (return if investment)
- They think the offer is a one-in-a-lifetime-chance
...
Reasons for Diageo might be:
- Controlling a fast growing, very successful competitor
- Controlling the tequila market
- Simply thinking that it's a good investment
...
Reasons to sell Casamigos might be:
- They want to spend less time with everydays business
- One of them - not necessarily George - needs the money
- They want a good ROI (return if investment)
- They think the offer is a one-in-a-lifetime-chance
...
carolhathaway- Achieving total Clooney-dom
- Posts : 2919
Join date : 2015-03-24
benex- Clooney-phile
- Posts : 608
Join date : 2011-07-13
Location : italy
Re: George Clooney just sold his tequila business for up to $1 billion
Well well well...I saw this sometime last week and this song came ot mind immediately.....
"It takes a certain kind of man with a certain reputation
To alleviate the cash from a whole entire nation"
"Party like a Russian
End of discussion
Dance like it got concussion, oh
Put a doll inside a doll
Party like a Russian
Disco seduction
Party like a Russian, oh
Have it like an oligarch"
Kinda handy doncha think.....George is married to a lady who has always spent as if she were married to an Oligarch.....
No change there then....BTW....anyone remember my green tee-shirt appeal......
Thought not.....
"It takes a certain kind of man with a certain reputation
To alleviate the cash from a whole entire nation"
"Party like a Russian
End of discussion
Dance like it got concussion, oh
Put a doll inside a doll
Party like a Russian
Disco seduction
Party like a Russian, oh
Have it like an oligarch"
Kinda handy doncha think.....George is married to a lady who has always spent as if she were married to an Oligarch.....
No change there then....BTW....anyone remember my green tee-shirt appeal......
Thought not.....
What Would He Say- Mastering the tao of Clooney
- Posts : 2585
Join date : 2013-05-15
Location : OneDAyComo
Re: George Clooney just sold his tequila business for up to $1 billion
According to Time magazine, many drinks lost their appeal over the last year and percentages are down, and that includes wines and beer.
But tequila and gin have shot up! Gin by 2-3%. And tequila by a massive 5.4%.......
But tequila and gin have shot up! Gin by 2-3%. And tequila by a massive 5.4%.......
party animal - not!- George Clooney fan forever!
- Posts : 12375
Join date : 2012-02-16
Re: George Clooney just sold his tequila business for up to $1 billion
Further proof that our guy is charmed:
Tequila is about to become harder to produce, and therefore harder to buy. Agave plant growth has not kept pace with its uses in several new markets, and the plants take about eight years to mature. But guess who has control or deals with the top agave producers? That's right. Diageo. They will make their tequilas while others scramble to keep up.
Tequila is more popular than ever, and now with it becoming a premium commodity, people will pay higher prices for the good stuff. Looks like George and his partners will get the full billion off this deal.
For George, more money to give away, probably.
Tequila is about to become harder to produce, and therefore harder to buy. Agave plant growth has not kept pace with its uses in several new markets, and the plants take about eight years to mature. But guess who has control or deals with the top agave producers? That's right. Diageo. They will make their tequilas while others scramble to keep up.
Tequila is more popular than ever, and now with it becoming a premium commodity, people will pay higher prices for the good stuff. Looks like George and his partners will get the full billion off this deal.
For George, more money to give away, probably.
Way2Old4Dis- Mastering the tao of Clooney
- Posts : 2742
Join date : 2012-06-25
Similar topics
» Celebrity tequila brands - why is Kendall Jenner getting all the 'cultural appropriation' flack?
» Elon Musk looks to take a bite out of George Clooney’s side business
» George Clooney and Grant Heslov to Produce THE $700 BILLION MAN; Clooney Might Direct
» George Clooney, Amal Clooney allegedly heading for $1 billion divorce
» George Clooney Never Sold Lake Como House, Despite Report A Year Ago
» Elon Musk looks to take a bite out of George Clooney’s side business
» George Clooney and Grant Heslov to Produce THE $700 BILLION MAN; Clooney Might Direct
» George Clooney, Amal Clooney allegedly heading for $1 billion divorce
» George Clooney Never Sold Lake Como House, Despite Report A Year Ago
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|
Sun 17 Mar 2024, 22:18 by party animal - not!
» Back in the UK
Mon 11 Mar 2024, 16:38 by annemariew
» George Clooney makes the effort to show his fans that he appreciates them
Sun 10 Mar 2024, 21:20 by carolhathaway
» What Happened?
Tue 27 Feb 2024, 10:51 by annemariew
» George and Amal in France with new St Bernard puppy
Mon 26 Feb 2024, 22:31 by Ida
» George on the Letterman Show
Wed 21 Feb 2024, 15:59 by LizzyNY
» George and Amal with a new puppy
Wed 14 Feb 2024, 19:14 by benex
» Amal new book on freedom of speech released
Tue 13 Feb 2024, 18:49 by party animal - not!
» George's kids don't know hes famous yet....
Mon 05 Feb 2024, 11:29 by party animal - not!