Michael Jordan has teamed up with the owners of the Celtics, Bucks and Lakers to create a premium brand of tequila, which has already won various prizes in tasting competitions.
The idea for this business came three years ago, when MJ and the owners of these teams bonded over dinner.
"We wanted this tequila that tasted great," wife of Celtics owner and Cincoro CEO, Emilia Fazzalari said in an interview over the phone on Monday. "We are competitors on the court. We stand across from each other and compete throughout the season. But we are collaborators by nature."
Jordan worked with Mark Smith, VP of innovation special projects at Nike. They are working alongside Cincoro Tequila, and so far have produced 4 different types, price ranging anywhere from $70 to $1,600.
According to Russell Pareti, Cincoro's chief marketing officer, the tequila market is growing by 10% per year. But the ultra-luxury market is expanding by 40% annually. Sales and specific sales numbers were not released, but Fazzalari said they have sold out in some of the 12 states they have launched in. They hope to be in all 50 states next year, as well as Asia and Europe.
Although NBA owners tend to go into business together often, 4 owners teaming up is a first. And they each were involved in their own way to bring about their product, which has been a hit right off the bat.
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