- Details
- By Joe Boomgaard
- Economic Development
HOLLYWOOD, Fla. — A business enterprise of the Seminole Tribe of Florida is getting into the growing hard seltzer market with a new licensing agreement.
The tribe’s wholly owned Hard Rock International brand, which owns, licenses and manages branded hotels, casinos, restaurants and concert venues, announced Wednesday that it partnered with New York-based Stewart’s Enterprises Inc. to launch a Hard Rock-branded line of alcoholic beverages.
The company expects the Hard Rock Premium Hard Seltzer products to reach the market later this year around the holiday season, according to a statement.
“Through our partnership with Stewart’s, we have created truly unique flavor profiles and music-inspired package designs that fans will love,” Mark Linduski, director of licensing for Hard Rock International, said in a statement. “As we continue our efforts to grow Hard Rock’s licensing platform globally, this collaboration positions us as a premium brand within a surging category.”
The tribally owned enterprise worked with Montclair, N.J.-based Broad Street Licensing Group to negotiate the licensing agreement as part of Hard Rock’s push to extend its brand reach with products in markets “that emphasize the brand’s core DNA that is deeply rooted in music.”
To that end, the seltzer varieties are modeled after popular cocktails and flavors at Hard Rock Cafes, with each can featuring the brand’s iconic guitar-themed logo.
“We are thrilled to be working with the licensing team at Hard Rock International and Broad Street Licensing Group to bring a premium hard seltzer to Hard Rock and Stewart’s fans alike," Frank Rubba, founder and president of Stewart’s Enterprises, said in a statement.
Stewart’s Enterprises licenses the Stewarts Root Beer brand, its trademarks and intellectual properties for products other than non-alcoholic sodas. The company is in the process of fully acquiring the equity and IP for the root beer brand, and has developed a spiked seltzer line for a national launch, with plans to expand into hard sodas and other products, according to a statement.
Hard Rock is entering a fast-growing hard seltzer market dominated by White Claw from Mark Anthony Brands and Boston Beer Co.’s Truly line, which combined hold 75 percent of the market share, according to a report from Nielsen. The segment has exploded from 10 to more than 65 brands in the last two and a half years.
According to Grand View Research, the global hard seltzer market is expected to expand at a compound annual growth rate of 16.2 percent and reach $14.5 billion by 2027, driven by its popularity with Millennial drinkers, particularly in the U.S., which makes up 70 percent of the market.
“The combination of an iconic brand entering a red-hot category has our team literally ready to rock,” Stewart's Enterprises CEO Peter Strahm stated.
Hard Rock International, which the Seminole Tribe acquired in 2006 for $965 million, owns or licenses 248 locations in 70 countries, and maintains one of the largest collections of music memorabilia, including more than 83,000 pieces.
Additionally, Hard Rock announced Wednesday that it selected Las Vegas-based Scientific Games Corp. (Nasdaq: SGMS) as its iGaming and sportsbook partner in the U.S. market, according to a statement.
The partnership will start with digital and retail OpenSports sportsbooks at Hard Rock properties in Iowa and New Jersey. The company will also offer its OpenGaming platform for Hard Rock in New Jersey.
