Basketball icon Michael Jordan co-owns a multi-million dollar business with 23-time Grand Slam champion Serena Williams as the industry continues to boom.
Back in July 2016, Jordan dined with five rival NBA team owners – Emilia Fazzalari and Wyc Grousbeck of the Celtics, Jeanie Buss of the Lakers, Michael Jordan of the Hornets, and Wes Edens of the Bucks.
On that evening, they all bonded over their shared love for tequila and Cincoro was born.
Cincoro eventually launched in September 2019 and in the space of three years, the premium tequila brand sold 1.5 million bottles and won 23 awards in accredited spirits competitions.
The company has since welcomed a number of investors from the sports world, including golfers Dustin Johnson and Keegan Bradley, MLB Hall of Famer Derek Jeter and 23-time Grand Slam champion Serena Williams.
Williams, who has an estimated net worth of around $400 million, shared an insight into her recent investment in Cincoro Tequila during an interview on The Late Show With Stephen Colbert.
“So, Michael Jordan, he reached out,” she explained. “I actually love the product and tasted it first. I love tequila in general, but I always thought tequila was for throwing it back, you know? I didn’t know you could sip on it.”
Speaking on her relationship with Jordan, she added: “He has been very supportive. To be part of such an iconic person — I still want to be like Mike.
“I think everyone out there kind of wants to be like Mike, and that was me. To be one of the investors and on this team with what we’re doing, and we’re growing something very authentic and slow.
“We want to build a really great tequila that people genuinely love and can genuinely drink and learn that you can sip tequila, and not shoot ’em back.
“Well, I do still like to shoot, but I like to sip this one. But it’s just been so fun just to actually work with him on a team.”
Tequila sales are up 17% year-over-year, according to industry analysis from IWSR, and it’s only expected to rise.
“Unlike in the NBA, there’s plenty of room for multiple winners in the tequila game,” Fazzalari told Yahoo Finance. “We’re seeing consumers continue to drink higher quality spirits, with the tequila category predicted to grow to about $15 billion by 2025.”
