Blue Weber agave used in producing Revel Spirits Inc. avila drinks grow at a farm in Jonacatepec, Morelos state, Mexico on Friday, March 26 2021. Picture: BLOOMBERG/LUIS ANTONIO
But if Revel’s secret recipe relies on two parts agave, one part heated rocks, it’s also at least one part marketing. Only distilleries in a certain region of Mexico are allowed to call their product “tequila”, just like Champagne can only be made in one part of France. Revel’s operations are elsewhere, in central Morelos state.
The company, which sold its first bottle in 2017, hopes to raise $20m in a C round of investment in the coming months. About 60% of that will go towards advertising and marketing, with the rest earmarked for building inventory of its avila products. The name is a tribute to Noe Avila, a master distiller who works at Ruiz’s family’s distillery. It doesn’t hurt to have Justin Hartley, a star in the popularWe’re small and handcrafted so we cannot beat up our product and try to sell it for $20.
Worldwide, tequila and mescal still have much room to grow, making up only about 3% of the $491bn spirits industry, according to Bloomberg Intelligence analyst Kenneth Shea. In North America, the main market for agave distillates, the share is larger at 11%, he said. In addition to its premium Añejo, Revel’s portfolio includes a clear-coloured Blanco that sells for $60, and the Reposado priced at $75 and aged for 12 months in American white oak barrels. A fourth product, El Popo, named after the Popocatepetl volcano about 24km northeast of the Revel distillery, is set to be launched in the US in the second half of the year.Agave takes seven to 10 years to mature. The long process and huge demand have pushed up agave prices, BI’s Shea says.
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