NORWALK, Conn., June 29 /PRNewswire-FirstCall/ -- Following on the tremendous success of NUVO, the ultra-premium, imported pink sparkling liqueur, Diageo, the world's leading premium drinks company, announced today that it has increased its ownership interest in London Group, the joint venture that owns NUVO, making Diageo the majority partner with a stake of approximately 70 percent.
In April 2007, Diageo made a minority investment to launch NUVO with Raphael Yakoby, a New York entrepreneur who previously developed the Hpnotiq brand. In three short years, NUVO has experienced tremendous growth and is today a 250,000 case brand that retails between $27 to $30 for a 750ml bottle.
"Our venture with Raphael has proven to be very successful," said Larry Schwartz, President, Diageo USA. "Given this, and the continued strong performance of NUVO, we believe Raphael will be a valuable partner well beyond the NUVO brand."
With a distinctive bottle and a pink color, NUVO transcends the liqueur category and leverages the popularity of cocktails, wines and blended liqueurs. The liquid is a blend of vodka, sparkling wine, and natural fruit nectar, and carbonated to create a unique light and refreshing taste. It is perhaps best known for its perfume-inspired bottle - sleek and elegant with a unique square shape. NUVO has become a hot brand with multicultural consumers.
Yakoby will continue to lead the brand marketing efforts for NUVO, working closely with Diageo to grow the brand and expand distribution.
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE).
For more information about Diageo, its people, brands, and performance, visit us at Diageo.com. For our global resource that promotes responsible drinking through the sharing of best practice tools, information and initiatives, visit DRINKiQ.com.
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