Diageo Attains Majority Stake In Nuvo Brand
Diageo, a wines and spirits company in the US, has increased approximately 70% stake in London Group, a joint venture that owns Nuvo, an imported pink sparkling liqueur.
Diageo had made a minority investment to launch Nuvo in April 2007 with a New York entrepreneur Raphael Yakoby, who previously developed the Hpnotiq brand. Nuvo now retails between $27 to $30 for a 750ml bottle.
Nuvo is a blend of vodka, sparkling wine, fruit nectar, and carbonated beverage.
Mr Yakoby will continue to lead the brand marketing efforts for Nuvo, working with Diageo to grow the brand and expand distribution.
Larry Schwartz, president of Diageo USA, said: Our venture with Raphael has proven to be very successful. Given this, and the continued strong performance of Nuvo, we believe Raphael will be a valuable partner well beyond the Nuvo brand.
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