What comes to mind when you think of tequila? Wasting away an afternoon on a Caribbean beach? Getting blackout drunk with your frat bros in Cabo on spring break? Waking up in a pool of your own shame and vomit? Well, if hip hop/business mogul Sean “Diddy” Combs and beverage giant Diageo PLC have anything to do with it, they’re hoping you think “luxury” and “worth a lot of money” with their acquisition of high-end tequila brand DeLeón.

Tequila, when named properly, is a spirit produced from blue agave plants grown primarily in the area around the city of Tequila, in Mexico. Most tequilas sold in the U.S. are mixtos, or tequila made from at least 51% agave, although the more premium, 100% agave tequilas are growing in popularity. Those, as you might imagine, are more expensive to produce. How expensive? When it comes to DeLeón tequila, bottles sold in upscale bars are going for as much as $1,000. That’s a lot of money for a hangover.

Very much a “boutique” brand, DeLeón currently only ships 10,000 cases annually in 18 states, making but a small blip in the 13 million case-per-year U.S. tequila market. Diageo hopes the partnership with Diddy will transform DeLeón into a major luxury brand.

“Expanding our relationship with Sean Combs into tequila was a natural choice given Sean’s ability to galvanize support for luxury brands,” said Diageo North America president, Larry Schwartz.

Combs and Diageo first found success with ultra-premium vodka brand Cîroc, capitalizing on the skyrocketing popularity of vodka as a spirit in the early 2,000s. Diddy and Diageo each now own 50% stakes in DeLeón. For Diageo, it’s a chance to grab a stake in the emerging luxury tequila market. Though the spirit represents just .6% of U.S. liquor sales, tequila’s growth in the last decade has eclipsed scotch, brandy and gin.

Diageo is also hoping to regain lost sales from last year, when it jettisoned the Jose Cuervo tequila brand. Schwartz is optimistic.

“If we can get the accelerator on DeLeon like we had on Ciroc, two years is within reason,” Schwartz said, adding that “this isn’t going to be the last entry into tequila for Diageo going forward”.

Attempts to visit DeLeón’s website are now met with a “coming soon” message. Mmmmm, tastes like luxury.

Diddy’s fancy tequila? Let us know in the comments below!