Diddy moves in on Ciroc

Diddy has entered into an alliance with the Diageo liquor company and will take over brand management of the liquor brand Ciroc.

Diddy and Sean Combs Enterprises will play the leading role in the brand management of Diageo's premium vodka Ciroc, as part of a multi-year U.S. collaboration.

Diddy will be responsible for the marketing, advertising, public relations, product placement and events promoting the Ciroc brand.

All profits will be split 50/50 in the deal, which could be worth over $100 million for Sean Combs Enterprises.

Diddy revealed that his focus will be on growing the established Ciroc brand first and then he may consider developing his own signature brand.

"The first part is to focus on Ciroc and create a fine spirits empire," Diddy said.

"Once that happens, we will see. What really makes this historical is that I am an African-American and I have teamed up with the world's largest spirits company, Diageo, to reshape how a luxury brand is marketed."

Diddy noted that the vodka trade is worth $3 billion dollars and that the "ultra premium" category featuring spirits like Ciroc is growing faster than any other in the spirits industry.

Diddy praised the distinct manufacturing process of Ciroc, which is made from French grapes as opposed to the normal process of using potatoes.

"Now I don't know about you, but if I had the choice to drink potato grains or French grapes, I would go with the grapes," Diddy quipped.