October 25, 2007 03:04:08 GMT
P. Diddy has inked a multiyear deal to develop the Ciroc vodka brand.
He's been invading almost all major business empires, but vodka. From music to clothing to perfume, P. Diddy is now having his nose to yet another new business, promoting vodka.
The music mogul has signed a multi-year deal with Diageo PLC, which is the largest multinational beer, wine and spirits company in the world, to promote the company's Ciroc vodka brand for a 50-50 percent share in the profits, which could earn him more than $100 million, depending on how well the brand performs.
And since "it is not an endorsement deal," Diddy will thus be responsible for marketing the brand, deciding where and how to sell it, and winning over new customers as well.
"This is something that will have my daily attention," so he said on his new business venture, adding that he wanted 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."