How the Mexican Tequila Giant Becle Makes its Money
Jose Cuervo's parent company Becle nearly doubled revenues since 2018, with US & Canada sales driving growth.
Today, we want to talk to you about tequila. If you're a drinker, you've likely encountered it in one of its many forms — a Margarita, Paloma, Tequila Sunrise, or just a straight-up shot.
In the past few years, tequila demand has exploded worldwide, especially in the US, where it's even outpacing the longtime favorite, vodka, in some states. Most agree this is not just a passing trend; estimates predict that the global market will more than double by 2028.
Celebrities like George Clooney, the Rock, and Kendall Jenner have jumped at this lucrative opportunity, and each has partnered to create their brand. In the case of Clooney's Casamigos, the brand reached a $1B+ value.
But the biggest brand in the world continues to be the oldest one, created 228 years ago, even before Mexico gained independence. It goes without saying that Jose Cuervo has some history. Most recently, its ownership has switched between Diageo and its current parent company, Becle.
The Beckmans, one of Mexico's wealthiest families, own and operate Becle. Under its current leadership, the company has nearly doubled its revenues from 2018 to today, bringing in $2.7B in its last twelve months of operation.
The emergence of new brands and the ingenuity of US marketers makes that market competitive. Still, Jose Cuervo accounts for 23% of the tequila market there. According to its latest report, its market share in its home country is 52%, and in what it categorizes as "rest of world," the company commands 34% of tequila sales.