Many of the world’s most famous celebrities have already made millions from their day jobs, but their jobs have extended and branched out to various industries. Recently, some have started new ventures in the world of alcohol. This new side hustle has become extremely popular in Hollywood, with an increasing number of stars getting in on the action by either creating their own brands or investing in their favorites.
There are a ton of celebrity-owned/backed alcohol brands out there; so many, in fact, that it will probably be difficult to pick which one of your favorite stars brands to try the next time your looking for a new drink. Everyone from David Beckham, Sean “Diddy” Combs and Nick Jonas have their own signature liquor and have used their name and status to propel their brands into the spotlight.
What is it about the alcohol market that makes celebrities so interested? One big reason is that the premium spirits market is booming. It seems like the perfect time for celebrities to create their, and hopefully your, favorite new drink. According to the International Wine and Spirits Record (IWSR) Drink Market analysis, the current value of the status spirits market is $8.3 billion, and it’s only expected to grow. The value today and the expected growth also mean that the premium spirit market is a great investment opportunity.
Celebrity endorsements and investments are a marketing match made in heaven when it comes to getting consumers to try new products. Consumers are often prepared to pay premium prices for liquor when they see their favorite celebrities just drinking it. If the star is both a spokesperson and a devoted investor, consumers will likely be even more willing to pay top dollar to try it out. For celebrities, this is a great situation; the more consumers like and buy their products, the more money they make.
One of the biggest success stories when it comes to celebrities venturing into the alcohol business is George Clooney and his successful tequila brand — Casamigos. Within four years of its launch in 2013, Casamigos was bought by the world’s largest spirits conglomerate, Diageo, for $1 billion. This 10-figure acquisition was a landmark for the spirits category and set out an enticing path for other celebrities to follow.
Another alcohol brand that has moved into the mainstream is Aviation Gin. While Aviation Gin has been around since 2006, Ryan Reynolds purchased a huge portion of the brand in 2018, becoming a creative director and co-owner of the company. Since then, Reynolds has become the face of the brand, appearing in ads and commercials while also showcasing himself drinking his favorite gin on Instagram. In August 2020, a press release announced that Diageo — as it had with George Clooney’s tequila brand — had acquired Aviation Gin through a deal worth an estimated $610 million.
Men aren’t the only ones using their star power to get into the alcohol market. Bethenny Frankel built her net worth primarily from her time on television as well as from the sale of her successful Skinnygirl cocktail company. Frankel capitalized on her fame from The Real Housewives franchise and created the cocktail line in 2009 with her partner David Kanbar. In 2011, Frankel sold Skinnygirl Cocktails to beverage giant, Beam Suntory, for a reported $100 million.
These are just a few examples of some of the most successful celebrity owned/backed alcohol and spirits in the market. There are tons of options out there, and it seems like the market is only continuing to grow. New noteworthy brands recently associated with status include 818 Tequila by Kendall Jenner, French Riviera Rosé by Post Malone, and Porte Noire Wine from Idris Elba.
Do you have a favorite celebrity-owned alcohol brand? Tweet us, @VALLEYmag, and let us know!
*VALLEY does not support underage drinking. Please remember to always drink responsibly.*