Combs, Diageo Announce Groundbreaking Strategic Alliance, 50/50 Profit Split Where Diddy Leads in Brand Management of Ciroc Vodka
NEW YORK, Oct. 24 /PRNewswire-FirstCall/ -- Diageo, the world's leading, spirits, wine and beer company, today announced a groundbreaking strategic alliance between Sean "Diddy" Combs and Ciroc vodka. Under the terms of the deal, Combs and Sean Combs Enterprises will take the lead on all brand management decisions for Ciroc, while sharing in the future profits of the growth of the brand. This exclusive US multi-year collaboration, which calls for a 50/50 profit split, is a first for the spirits industry and could be worth more than $100 million for Combs.
"Sean Combs has a proven track record of developing high-end brands and we expect his alliance with Ciroc to follow suit," said Debra Kelly-Ennis, Chief Marketing Officer, Diageo North America. "We are confident that Sean and his team are the right partners to further enhance the luxury profile of Ciroc."
As part of the new alliance, Combs will take the lead on brand management decisions, including marketing, advertising, public relations, product placement and events.
The groundbreaking alliance with Ciroc, one of the world's only vodkas made from grapes, will focus on the "art of celebration," a concept Combs embodies and cultivates both personally and professionally as a lifestyle and entertainment icon. A major component of the initiative will be the commitment to promoting responsible decision-making when it comes to drinking.
"It is an honor and a privilege for me to partner with Diageo on this venture," said Combs. "I pride myself on the company I keep and will only work with the best. My extensive track record as a brand builder ranges from cultivating music careers and creating a lifestyle fashion brand, to launching two signature fragrances and producing a hit television show -- all of which have given me the necessary skills needed to establish a luxury brand. I am confident that this alliance with Ciroc will be a success."
ABOUT SEAN COMBS
SEAN COMBS, the CEO and founder of Bad Boy Worldwide Entertainment Group is a multifaceted entertainment powerhouse. Sean "Diddy" Combs was declared "One of the Most Influential Businessmen in the World" by TIME Magazine and CNN. Combs, 37, oversees one of the world's preeminent urban entertainment companies, encompassing a broad range of businesses including recording, music publishing, artist management, television and film production, recording facility, apparel and fragrance.
ABOUT DIAGEO
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE).
For more information about Diageo, its people, brands, and performance, visit us at http://www.diageo.com/. Celebrating life, every day, everywhere, responsibly.
ABOUT CIROC
Ciroc is made from exclusive grapes that are harvested late in the season when temperatures are colder, distilled five times and cold fermented, providing a crisp, clean taste and citrus nose. Ciroc was launched in Chicago, New York, Atlanta, Los Angeles, San Francisco and Miami in March 2003 and nationwide that September. Ciroc, 40% Alc./Vol. (80 proof) is imported by Diageo.
For more information on Ciroc, please visit http://www.cirocvodka.com/ .
Source: Diageo
CONTACT: Janell Vantrease or Jesse Derris, both of Sunshine, Sachs &
Associates, for Sean Combs, +1-212-691-2800; or Tom Evrard or Rachel
Rosenblatt, both of FD, for Diageo, +1-212-850-5600
Web site: http://www.diageo.com/
http://www.cirocvodka.com/
