Casamigos tequila is a fruity, smooth tequila and the brainchild of george clooney and his buddies Rande Gerber and Michael Meldman. These three guys created their tequila because they wanted a drink that suited them. The tequila business has recently seen a spike, and George and his posse are about to cash in big time. Casamigos is only four years old, but with a name like Clooney behind it, this tequila rose fairly quickly doubling its growth from 2014 to 2015. Now, this idea that started with a personal need could net millions of dollars.
Casamigos started as a thought between friends
It all started when George Clooney and his friend Rande purchased properties close to each other in Mexico. While in Mexico, the two would go to bars, and of course, they were drinking tequila. Bartenders would recommend different brands but none of them was to their liking. Due to the need to find tequila, George turned to Rande and said “Why don’t we create one that’s perfect for us?” Unlike some rich folks who just put money into an idea without any research, both Clooney and Rande spent two years visiting distillers and sampling over 700 types of tequila until they found the right one for them, but it didn’t stop there. Once they found their perfect drink, they would order about 1,000 bottles a year, until the distillery told them they needed to license their drink.
The third friend Michael joined the pair and in 2013 they started the distributor and Casamigos was born.
The deal with Diageo
The deal with Diageo is huge considering how old the brand is as well as the fact that Diageo already has three thriving tequilas (Don Julio, Deleon, and Peligroso). According to reports, Don Julio is second to all tequilas behind Patron, so the acquisition of Casamigos is a bit baffling.
If you’re asking “Who is Diageo?,” Diageo is an alcoholic beverage company and the world's largest distiller, housing brands like Johnnie Walker, Ciroc, Tanqueray, Don Julio, Guinness, Crown Royal, Baileys and more. Ok, so here are the nuts and bolts of the Casamigos to Diageo deal. Diageo has agreed to pay $700 million initially and an additional $300 million potentially based on performance over the next decade.
Yes, you’re not seeing things, that’s a potential $1 billion for tequila.
What’s the future for Casamigos
Today, Casamigos is in 20 countries, and in 2016 Casamigos shipped 120,000 cases. Plus, it’s primed to move over 170,000 cases in 2017 according to Diageo. Casamigos is available in Blanco, Reposado and Anejo. They retail anywhere from $45-$55 for their 750ml bottles. Needless to say, the future is bright.
