Six-time NBA champion and businessman Michael Jordan is putting together yet another winning team, this time full of athlete investors backing his tequila brand, Cincoro.<\/p>\n
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The spirits label added a spate of athlete investors who, Jordan said in a statement, included some of his \u201cclosest friends.\u201d Among those joining Cincoro as co-owners are tennis champion Serena Williams and \u201cMr. November\u201d\u2014former Yankee Derek Jeter\u2014as well as professional golfers Dustin Johnson and Keegan Bradley. Financial terms were not made public, according to a spokesperson.<\/p>\n
\u201cCincoro has always been special to me because of the authentic friendships we\u2019ve established around enjoying Cincoro and spending time together designing it, experiencing it, and tasting it. We are constantly striving for greatness,\u201d Jordan said in a statement.<\/p>\n
Jeter and Williams joined Jordan and the other Cincoro Tequila cofounders at the NBA star\u2019s private Florida golf course, Grove XXIII, where they talked strategy and participated in a tasting session of the brand\u2019s tequila as part of its first annual owners\u2019 meeting, according to a press release.<\/p>\n
\u201cBeing part of Cincoro isn\u2019t just about business\u2014it\u2019s about championing a legacy of greatness,\u201d Williams said in a statement.<\/p>\n
Cincoro is introducing new backers just as it scales up its ambitions by setting its sights abroad. Later this year, the brand is set to launch internationally in Europe, Asia, and the Middle East. Its new markets include France, Spain, Germany, Italy, Greece, and the U.K., as well as Dubai and Israel. The brand will also expand to China, Hong Kong, South Korea, and Japan. The company said it had sold 1.5 million bottles of tequila in the U.S. as of September 2022.<\/p>\n
![\"Michael](\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/ioSJmej.ork8\/v1\/1200x797.jpg\")
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The company will release a new 375-milliliter bottle available for its Blanco, Reposado, and A\u00f1ejo tequila offerings starting in May, it said in a press release. Emilia Fazzalari, cofounder and executive chairperson of Cincoro, said now is the right time to jump-start its goals.<\/p>\n
\u201cWith the demand for premium tequila continuing to rise globally, expanding our team as we expand internationally was a natural next step,\u201d Fazzalari said in an email.<\/p>\n
The increased ambitions of Cincoro come as the Mexican distilled beverage made from the blue agave plant has increased its share of the U.S. spirits market over the past few years. In 2023, the tequila and mezcal spirits category brought in $6.5 billion in revenue, beating out sales of American whiskey and falling just short of vodka\u2019s $7.2 billion in revenue, according to the Distilled Spirits Council of the United States.<\/p>\n
Several celebrities, including Kendall Jenner, Dwayne \u201cThe Rock\u201d Johnson, and Eva Longoria have launched their own tequila brands, further fueling its growing popularity. In 2017, U.K. liquor giant Diageo, the owner of Don Julio tequila, bought George Clooney\u2019s Casamigos brand for about $1 billion.<\/p>\n
Cincoro tequila was cofounded in 2019 by five owners of NBA teams, who at the time included Jordan as owner of the Charlotte Hornets, as well as Jeanie Buss of the Los Angeles Lakers, Wes Edens of the Milwaukee Bucks, as well as Fazzalari and her husband, Wyc Grousbeck of the Boston Celtics. In August, Jordan sold his stake in the Hornets for $3 billion, earning him a $2.25 billion profit.<\/p>\n
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