Dive Brief:
- Spirits makers Diageo and Casa Cuervo have completed a swap of one brand for another in a deal that was originally announced in November.
- Diageo traded its Bushmills Irish whiskey brand to Casa Cuervo for Cuervo's Don Julio, a burgeoning tequila brand.
- "I am delighted to have completed this acquisition which delivers on our strategy to build our presence in the world's fastest growing markets and to invest behind the biggest growth opportunities," Ivan Menezes, the CEO of Diageo, said in a statement.
Dive Insight:
Diageo has been a distributor for Don Julio for some time, comprising nearly three-quarters of Don Julio's around $168 million in sales in the fiscal year ending June 30. This move gives the company full control over a premium brand of tequila that could help the company spread its reach in that market.
In other Diageo news, it looks like a "smart bottle" is in the works with its Johnnie Walker Blue Label Scotch whisky line.