Diddy does Vodka
Hip hop mogul Sean "Diddy" Combs is branching out and taking on something he knows very well - vodka.
The rapper has signed a deal beyond the normal celebrity endorsement to develop the Ciroc vodka brand — one of Diageo PLC's superpremium lines — for a 50-50 share in the profits.
"It is not an endorsement deal," Combs said. "This is something that will have my daily attention."
Diageo said the agreement could be worth more than $100 million for Combs over the course of the deal, depending on how well the brand performs.
Diddy said he wants to work with Diageo because the company understood that "I'm not just a celebrity endorser, I'm a brand builder. I'm a luxury brand builder."
Combs told reporters that he will be responsible for everything from marketing to sales. In addition, Diddy will focus on attracting "movers and shakers" to the line.