George Clooney Sells Casamigos For $1 Billion Weeks After Kardashian Promoted Tequila On Instagram
George Clooney sold Casamigos for $1 billion just weeks after Kim Kardashian promoted the tequila on Instagram to her millions of followers.
$1 billion tequila
George Clooney and his partners, Rande Gerber and Michael Meldman, scored a major deal this week when they sold their Casamigos tequila company to Diageo for $1 billion.
The tequila deal comes shortly after Kim Kardashian promoted the alcohol on her Instagram account while she was vacationing in the Bahamas with her husband, Kanye West.
The Keeping Up with the Kardashians star was harshly criticized for seemingly promoting the liquor brand on her Instagram because her fans know that she does not drink alcohol very often.
Kim Kardashian also mentioned on Instagram that the tequila is what “Cindy drinks,” as in Cindy Crawford. Cindy Crawford is Rande Gerber’s wife.
Clooney plans to remain close to the brand
George Clooney, whose wife Amal recently delivered twins, told E! News that he had never imagined making so much money from the tequila company.
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes. This reflects Diageo’s belief in our company and our belief in Diageo.”
I know Cindy drinks this so I’m in!!! #Casamigos
A post shared by Kim Kardashian West (@kimkardashian) on
Clooney assured people that he and his partners still planned on staying close to the brand.
“But we’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two.”
Cindy Crawford’s husband, Rande Gerber, also issued a statement saying that the men created the liquor a few years ago so that they could have a tequila they loved and would drink personally.
“We created Casamigos Tequila 4 years ago for us to drink personally and selling it for 1 billion dollars is something we never could have imagined.”
A post shared by Kim Kardashian West (@kimkardashian) on
Gerber coincided with Clooney, saying that he planned to remain a part of the Casamigos brand.
“We remain committed to our brand and look forward to our future with Diageo and continuing our work with our dedicated and passionate Casamigos team.”
According to CNBC, Diageo is set to initially pay George Clooney and his partners $700 million with the potential for another $300 million based on how well the tequila performs over the next 10 years.
The transaction will reportedly close during the second half of 2017.
A post shared by Kim Kardashian West (@kimkardashian) on
“House of friends”
The actor and his partner’s tequila company was intended originally for their friends and family, which is how it got the name Casamigos, which roughly translates to “house of friends.”
Casamigos went public in 2013 after Clooney, Gerber, and Meldman licensed to continue making it. The brand immediately took off, becoming the fastest growing ultra-premium tequila in the country.
Looking back to where it all began. #NationalBestFriendDay #HouseOfFriends
A post shared by Casamigos Tequila (@casamigos) on
George Clooney and Casamigos have hosted several big celebrity events in the past few years, including a V.I.P. Coachella party.
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Do you think Kim Kardashian’s Casamigos promotion on Instagram was intended to draw attention to the tequila brand before George Clooney and his partners sold the company? Let us know in the comments section below.
[Featured Image by Jeff Spicer/Stringer/Getty Images]
