USA: Diageo announces joint venture with Main Street Advisors

Alcoholic drinks giant Diageo has announced that the company has entered a strategic joint venture with investment and advisory firm Main Street Advisors involving the brands Ciroc Ultra-Premium Vodka and Lobos 1707 Tequila.

In a press release, Diageo said it had exchanged majority ownership of Ciroc Ultra-Premium Vodka brand rights in North America for a majority ownership interest in Lobos 1707 brand rights globally.

The joint venture is said to combine Diageo’s scale, operational experience, consumer insights and history of building spirits brands with Main Street Advisors’ expertise in culture through the world of media, music, entertainment and professional sport. Main Street Advisors is also said to have experience of incubating and accelerating culturally disruptive consumer businesses.

“The way modern consumers engage with spirits continues to evolve”, commented Nick Tran, appointed as president and chief marketing officer of the joint venture. “That requires brands to evolve at the same pace”.

“Today, social experiences are more intentional, digital spaces drive discovery, and transparency matters more than ever”, he added. “To grow brands, we must reimagine storytelling, rethink engagement, and create experiences that are much bigger than just the liquid”.

Source: Diageo