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Wednesday, July 24, 2024
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Jordan-Backed Tequila Brand Aims for Luxury Market

  • Cincoro, a tequila brand launched by NBA owners, is aiming for the luxury market.
  • The brand has seen rapid growth since its launch in 2019.
Cincoro Tequila

Michael Jordan is gunning for the top again — this time, in the tequila market.

The tequila brand launched by NBA legend and Charlotte Hornets owner, along with four other NBA owners, is releasing a blend for $349.99 a bottle.

  • Cincoro was launched in 2019 by Jordan, Los Angeles Lakers controlling owner Jeanie Buss, Milwaukee Bucks co-owner Wes Edens, Boston Celtics CEO Wyc Grousbeck, and Grousbeck’s wife Emilia Fazzalari.
  • Fazzalari is CEO of the tequila company.
  • Cincoro Gold will be the brand’s fifth blend. It has already sold 1.5 million bottles in the U.S. and won 23 awards in accredited spirit competitions.

Last year, tequila sales grew 27% by value and nearly 40% for high-end brands.

Company Man

Jordan’s business empire has flourished since his playing days.

In addition to the Hornets, he is the majority owner of NASCAR team 23XI Racing and the private golf club Grove XXIII in Hobe Sound, Florida.

In 2017, he bought a 0.5% stake in the Miami Marlins as part of a $1.2 billion sale with an incoming ownership group that included Bruce Sherman, who bought 46% of the team, and Derek Jeter, who bought 4%. Jeter has since divested from the club. 

Last month, Jordan Brand announced a 20-year partnership with Howard University, among the nation’s top Historically Black College and Universities. 

The brand had previously pledged $100 million over 10 years to “organizations dedicated to ensuring racial equality, social justice, and greater access to education.”

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