News Alert: Diageo Forms JV With Main Street Advisors To Market Cîroc And Lobos 1707 Tequila

Diageo is forming a joint venture with California-based investment firm Main Street Advisors that will market the Cîroc vodka and Lobos 1707 Tequila brands moving forward.

Under the deal, for which financials weren’t disclosed, Diageo is exchanging majority ownership of Cîroc’s brand rights in North America for majority ownership interest in Lobos 1707 in a move it says will “maximize the value of Cîroc Ultra-Premium Vodka’s brand rights in North America and Lobos 1707 brand rights worldwide.”

Nick Tran has been appointed as president and CMO for the JV. Tran is former global head of marketing at TikTok, and an angel investor in consumer disruptor brands, known for developing consumer and digital strategies focused on Gen Z audiences.

According to Impact Databank, Cîroc declined 20% to 800,000 cases in the U.S. last year. After parting ways with disgraced former brand partner Sean Combs at the beginning of last year, Diageo was reportedly mulling the sale of Cîroc by late last year, Bloomberg reported.

The Lobos 1707 portfolio covers five releases, including four Tequilas and a mezcal, with the brand showcasing the effects of PX Sherry cask-finishing on agave spirits. Notable investors in the brand include LeBron James, Arnold Schwarzenegger, Drake, and Paris Hilton, among others. The Lobos portfolio has approached 50,000 cases in the U.S. in recent years.—Daniel Marsteller

Tagged : Cîroc, Diageo, Lobos 1707, Main Street advisors

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