Diddy has expanded his business ventures yet again, it seems. The hip hop mogul announced yesterday (October 24) that he will be entering into a multi-year deal to develop the Ciroc brand of vodka — with a 50% share of profits.
According to Diddy, the deal is so important that it will have his “daily attention.” The rapper will go so far as to even open a marketing office in midtown Manhattan as to devote time to it.
The deal figures to be worth more than $100 million for Sean Combs Enterprises, dependent on the success of the brand.
“They’re looking for something that tastes
like their lifestyle,” Diddy said. “It’s that trendsetter, that
hipster, someone who’s looking for luxury and looking for something
better.”
Ciroc has grown from sales of 1.6 million cases a year to 4.8 million in the past five years. Diddy plans to raise awareness of the brand, and make it a household name.
The brand will be “the official vodka of New Year’s Eve,” he said.
