fb

George Clooney and $1 billion

George Clooney and $1 billion

How do you make $1 billion in 4 years?

Well, the answer is fairly straight forward if you come up with a good idea and have some good friends.

I guess it also helps if you are the famous actor George Clooney…

Mr Clooney and two of his friends – Rande Gerber (the husband of super model Cindy Crawford) and Mike Meldman the property tycoon – reportedly used to play golf together and had properties on a golf development called Casamigos (meaning House of Friends in English).

Playing golf wasn’t the only thing that they did together as friends as they also used to drink tequila. The problem was that they found that the tequila they drank was of mixed quality. Some was good but at the other extreme some was pretty bad.

It was reported that Mr Clooney suggested that they create their own tequila which “didn’t burn going down, that was super smooth and … that we could drink all day long and not be hungover in the morning”.

As a result of that idea, back in 2013 they set up a business producing Casamigos tequila and it’s done pretty well. So well in fact that the drinks giant Diageo has purchased the business for $1 billion split between a $700 million initial payment and $300 million over the next 10 years depending on performance.

Given that only 120,000 cases of the Casamigos tequila were sold last year, that’s a big figure but Diageo are obviously looking to scale up sales it up to a global audience (so far Casamigos has been targeted at the North American market).

Either way, it’s a good return for Mr Clooney and his friends and I’m sure they toasted the sale with a shot or two of tequila.

Then again, maybe they decided to celebrate with champagne and we’ll see a George Clooney champagne in a few years’ time…

Share this entry

Related articles

View All Articles

Recent articles

View All Articles
Big 4 under the spotlight…
May 22, 2024
Title
Big 4 under the spotlight…
Excerpt

Recent findings have shown that Britain’s audit firms did not raise alarms for three-quarters of the major companies […]

Better than the professionals?
May 13, 2024
Title
Better than the professionals?
Excerpt

The landscape of investing is evolving, with the rise of retail, or “do-it-yourself” (DIY) investors who are achieving […]

Don’t get angry over anger management
May 07, 2024
Title
Don’t get angry over anger management
Excerpt

Have you ever been angry at work? If you have then you are not alone. The latest Global […]

Cows or dogs in your portfolio?
May 01, 2024
Title
Cows or dogs in your portfolio?
Excerpt

As well as being included in ACCA, CIMA and CMA (USA) exam questions over the years, the Boston […]

KPMG unlocks previously locked up talent.
Apr 30, 2024
Title
KPMG unlocks previously locked up talent.
Excerpt

KPMG, one of the Big Four accounting firms, has recently announced its commitment to expanding its hiring of […]

Taxing times…
Apr 24, 2024
Title
Taxing times…
Excerpt

Understanding the various forms of taxation is essential for business students worldwide. Taxes serve not only as a […]

From Coins to Codes: A Budgeting Timeline
Apr 22, 2024
Title
From Coins to Codes: A Budgeting Timeline
Excerpt

The concept of budgeting, a cornerstone in both personal finance and corporate management, has a rich history that […]

Italian but not Italian…
Apr 17, 2024
Title
Italian but not Italian…
Excerpt

In the complex landscape of global business, the names of products and brands hold significant power. They convey […]