Michael Jordan And Partners’ Cincoro Tequila On A Rapid Rise In The Luxury SegmentJuly 20, 2021
Cincoro, the luxury Tequila brand backed by a group of NBA owners including Michael Jordan, launched just ahead of the pandemic in fall of 2019, but the unprecedented conditions haven’t stopped it from gaining strong momentum at the category’s top tier. Cincoro starts at $70 for its Blanco expression and reaches $1,600 for its Extra Añejo. “Our May sales more than tripled since last May, making us the fastest growing Tequila brand, year on year, according to Nielsen,” says Cincoro CEO Emilia Fazzalari. “We closed the month of June with all-time record high sales.” For the current calendar year, Cincoro, which is packaged in six-pack cases, is expected to reach the equivalent of 75,000 9-liter cases.
Fazzalari adds that the brand averages a 50% reorder rate nationally with its most successful regions seeing around 80% of accounts reordering. “We anticipated great sales in big Tequila-selling hot spots like Florida, Vegas, California, and Texas, but we’re also selling out in Ohio, Michigan, North Carolina, Tennessee, and Atlanta,” she says.
Last year, Fazzalari says, Cincoro pivoted to an online-based sales model to keep the business moving and continue to build on the brand’s buzz. The move was a success, and Cincoro added 38 states to its initial 12-state footprint, leveraging virtual meetings and tastings. Additionally, she says, the company increased its investment in its liquid and bottling capacity to be able to meet greater demand when the world reopened.
“We’re launching our first major campaign this summer,” Fazzalari says. “It’ll be heavily digital but we’re doing a lot of out-of-home that’s going into market as we speak. We’re going to do some print but the lean will be on digital.” This campaign kicks off a little over a year after Cincoro debuted its first TV ad.
The brand also upped its consumer outreach through the Cincoro Concierge, a text-based platform that guides consumers to retailers stocking the Tequila. Fazzalari credits last year’s success to the strength of the brand’s team and highlighted the efforts of John Palatella, Cincoro’s executive vice president, in guiding the sales team through the transition to the new way of doing business.
Looking forward, Fazzalari tells SND that the team is preparing for its next limited 1.75-liter release, following last October’s launch of individually numbered 1.75-liter bottles of Cincoro Añejo. She compares Cincoro’s limited releases so far to the basketball shoe industry, with the first launch greeted with similar excitement and interest in the product among fans.—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Cincoro