Playboy Set To Explode Onto The Canned Drink Scene After $13 Million Investment
Playboy is continuing its march into the alcohol world with a new release. Last year, Playboy Spirits' brand Rare Hare launched Rare Hare Anejo Conejo tequila, alongside Código 1530, a tequila aged for 18 months in French White Oak Cabernet barrels and an additional six months in French cognac containers (per the Rare Hare website). "The cognac finish adds balance and depth with hints of cumin and dried plum to the Añejo profile," Ron Snyder, CEO of Código 1530, said in a press release. Only 1,953 bottles of the 88-proof tequila were produced, a nod to Playboy's original founding year. Before that, Rare Hare released 1953, a bourbon bearing the aforementioned numbers and held in cognac casks in Champagne, France before bottling.
Even after a busy year, Playboy Spirits has no desire to slow down, as it's gearing up for a new product drop in 2023 (via The Bourbon Flight). These drinks, in particular, won't be found in bottles, but as canned cocktails instead.
RTD cocktails are on the rise
According to a press release, Playboy Spirits just secured a $13 million investment, and plans to expand with a canned alcoholic beverage line. The ready-to-drink (RTD) canned drinks are planned for release sometime in 2023. Furthermore, the brand plans to use this private funding to acquire additional aged and rare spirits for release under the Rare Hare name.
Per Forbes, RTD cocktails are key up-and-comers in the alcohol game. Over the next five years, the value of these beverages is expected to increase by $11.6 billion, passing up hard seltzers like White Claw and Truly by 2025. "Consumers in the US have grown accustomed to the convenience and variety offered by RTDs, which has increasingly led to people trading up to spirit-based cocktails," Brandy Rand, chief strategy officer of the drink market analysis company IWSR, said (via Forbes). And it appears the market is poised to grow 13.4% between 2022 and 2030 (via Grand View Research).
It's unknown what flavors Playboy Spirits' new canned cocktails will take on, but it's certainly entering a market that's teaming with competitors, from Cutwater to Bacardi to New Amsterdam.