Latest news with #Cîroc
News18
2 days ago
- Business
- News18
Who Is Indian-Origin Nik Jhangiani? Diageo's Interim CEO After Debra Crew's Exit
Last Updated: Debra Crew stepped down as Diageo CEO, with CFO Nik Jhangiani named interim CEO. Diageo announced on Thursday that Debra Crew has stepped down as Chief Executive Officer and as a Board Director with immediate effect, by mutual agreement. Until a permanent appointment is made, Nik Jhangiani, Chief Financial Officer, will assume the role of Chief Executive Officer on an interim basis. Meanwhile, The Board has begun a comprehensive formal search process, which will include consideration of internal and external candidates. Who Is Nik Jhangiani? The Indian-origin Nik Jhangiani is a veteran in global finance having a rich experience working with global companies spanning form beverages and telecom sectors. He was appointed CFO of Diageo plc, the world's largest spirits company known for brands like Johnnie Walker whisky and Guinness beer, in September 2024 Before Diageo, he served as Senior Vice President and CFO at Coca-Cola Europacific Partners for over eight years. His earlier stints include: He also served as Group CFO for Bharti Airtel between 2009-2012. Group CFO at Coca-Cola HBC (2000–2009) Multiple senior finance roles at Coca-Cola Enterprises and Coca-Cola European Partners As interim CEO, Jhangiani is tasked with steering Diageo through a challenging period marked by a 20% share price decline, cooling demand in key markets, and a $500 million cost-cutting initiative. Nik holds a degree in Economics and Accounting from Rutgers Business School (Class of 1988). His academic foundation, coupled with over 25 years of financial leadership, positions him as a capable interim leader during Diageo's transition phase. About Diageo Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer categories. These brands include Johnnie Walker, Crown Royal, J&B and Buchanan's whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and is a global company, and our products are sold in nearly 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Graziadaily
03-07-2025
- Business
- Graziadaily
How Sean 'Diddy' Combs' Net Worth Changed Since His Criminal Trial
The trial of Sean 'Diddy' Combs has come to an end and the music mogul has been found guilty of two counts of transportation for prostitution. Despite being his acquitted of sex trafficking and racketeering charges, a dark cloud continues to hang over Diddy's legacy. He was once the most powerful man in music whose ascent to the top was something to behold. Starting his own music label Bad Boy Records at the age of 24 and signing artists like The Notorious B.I.G and Faith Evans, Diddy quickly diversified his portfolio to become a multi-million dollar global empire. His company, Combs Enterprises, now Combs Global, grew to include music, fashion, fragrances, beverages, marketing, film, television, and media properties. As such, Diddy has amassed enormous wealth over the years. But what is he worth? And has his wealth been affected by the trial? We've done the research so you don't have to. Diddy at the 2022 Billboard Music Awards, the year he was declared a billionaire. (Photo: IMAGO) In June 2024, two months before Diddy was arrested, Forbes valued his net worth at $400 million (£292m). However, in 2018 Diddy's net worth was reportedly $825 million (£603m). In 2022, Rolling Stone reported that he had become a billionaire, making him the second richest hip-hop artist behind Jay-Z at the time. 'Diddy's surge into the billionaires club comes courtesy of years of investments and valuable assets, including his Ciroc partnership with Diageo which draws in $60 million annually,' the article reports. 'The musician-turned-entrepreneur also benefits from his partial ownership of DeLeon tequila and Revolt, the media network launched in 2013 for which Diddy is a majority shareholder.' From those who knew Diddy in his youth, such as former Bad Boy Records producer Prince Charles Alexander, it was clear from the off that Diddy was ambitious. During his music career, Diddy released five studio albums, two collaborative albums, one remix album and 72 singles. It was also reported by Business Insider that his record label brought in about $130 million a year in its prime. The year his first album came out, he also launched a clothing brand called Sean John. In 1998, the brand made its debut at Bloomingdale's in New York. According to Macy's Sean John's annual revenues exceed $525 million (£385m). It's also estimated that Diddy made about $60 million (£40m) from his deal with beverage company Diageo to increase exposure and sales for Cîroc vodka and DeLeón. He also has investments in the cannabis industry, an extensive property portfolio including homes in LA, New York, Miami, The Hamptons, New Jersey and Georgia. As well as being a successful producer and recording artists himself, Diddy established himself as a cultural figure at large, earning a star on the Hollywood walk of fame in 2008 and regularly hosting infamous A-list white parties which read as a who's who of the entertainment industry. His company Combs Global employs more than 200 people and is based in New York. It's possible that Diddy's net worth will be affected by his high profile criminal trial – and likely that it already has. The music mogul reportedly lost more than half his wealth in two years from his billionaire status in 2022 to $400m in 2024. It is unclear what Diddy's current net worth is. It is likely Diddy's his multiple business ventures are being overseen by a seasoned group of executives, including his management team at SALXCO. More information can be found here. Diddy is currently being detained in the Metropolitan Detention Centre in New York and his prison sentence is currently scheduled to be determined in October. He faces up to 20 years, but is expected to have a much shorter sentence. Nikki Peach is a writer at Grazia UK, covering pop culture, TV, news and features.
Mint
02-07-2025
- Entertainment
- Mint
Sean Diddy Combs verdict: 5 times rapper topped the list of highest-paid artists globally
Sean Diddy Combs has been convicted of two counts of transportation to engage in prostitution but was acquitted of more serious charges, including sex trafficking and racketeering. According to Variety, while the rapper and entrepreneur still faces significant prison time, the partial acquittal came as a relief to his legal team. Some even called it the best outcome he could have hoped for short of a full acquittal. But long before courtrooms and controversy, Diddy was dominating headlines for another reason - money. The Bad Boy Records founder turned his fame into one of the most successful entertainment brands in the world. Over the years, Combs repeatedly topped global income lists, often out-earning his peers by millions. 2017: $130 million - highest-paid celebrity worldwide In June 2017, Forbes named Combs the highest‑paid entertainer globally, estimating his pre‑tax earnings at $130 million from June 2016 to June 2017. His income came from the Bad Boy Family Reunion Tour, his ongoing deal with Cîroc vodka, and the sale of part of his Sean John clothing line 2017: Highest-paid musician - ahead of Beyoncé and Drake Just months later, Forbes also listed him as the world's highest‑paid musician for 2017. He pulled in that same $130 million, surpassing fellow heavyweights like Beyoncé and Drake. 2016: Major celebrity earnings Back in June 2016, Forbes included Combs at No. 22 on its Celebrity 100 list, with an annual income of $62 million-a figure driven by endorsements and music ventures. Diddy was again named the richest hip‑hop artist in 2014 by Forbes, tied with Jay-Z. At that time, his diversified holdings in music, vodka, fashion, and media pushed him to the top of the hip‑hop wealth rankings. 2013: Leading hip‑hop's highest earners Forbes also ranked Combs as the top earner in hip‑hop for 2013, estimating he brought in $50 million that year-primarily from Cîroc, television, and his Sean John fashion label Now, his future hangs in the balance. According to Variety, the defence has requested Combs' release ahead of sentencing, offering a $1 million bond. Prosecutors pushed back, calling the request inappropriate and warning that Combs poses a continued threat. Assistant US Attorney Maurene Comey argued that Combs has shown disregard for US law, referencing the abuse and drug use mentioned during the trial. Judge Arun Subramanian has asked both sides to submit their final positions in writing by 1 pm ET. He will then decide whether Combs can remain free ahead of sentencing. The verdict followed a lengthy eight-week trial, during which 34 witnesses testified against the 54-year-old music producer. In 2017, Diddy topped Forbes' list of the highest-paid entertainers, earning $130 million through music, business ventures, and endorsement deals. Diddy's wealth comes from various sources including his Cîroc vodka partnership, the Sean John clothing line, Bad Boy Records, Revolt TV, and music tours. Yes. In 2017, he was also named the highest-paid musician globally, out-earning stars like Beyoncé and Drake.
Time of India
02-07-2025
- Business
- Time of India
Diddy verdict in — you won't believe his net worth or how he's paying those massive legal bills
After months of courtroom drama, explosive allegations, and national headlines, the high-profile trial of Sean "Diddy" Combs has reached its conclusion, as per a report. Once considered one of the richest and most powerful figures in entertainment, Combs' trial has impacted his net worth and reputation, as reported by Merca2.0. Sean "Diddy" Combs's Legal Battle Ends Since Combs, also famously known as Diddy, Puff Daddy, or simply Love, the legal battle started, his fortune has taken a considerable hit, according to the Merca2.0 report. The Trial That Shook Diddy's Fortune As per the report, Diddy's fortune this year is estimated to be about $400 million, which is a sharp fall from his financial peak a few years ago. During the start of his trial in 2024, his net worth was estimated to be about $600 million, according to the Merca2.0 report. However, his financial condition was different just five years back, in 2020, Diddy's net worth was reported to be estimated around $900 million, as per the report. His massive fortune came from his lucrative ventures in music and fashion and also his high-profile partnership with beverage giant Diageo, particularly promoting the Cîroc vodka brand, according to the report by Merca2.0. ALSO READ: Zuckerberg's $100 million lure: Why top Chinese and Indian AI minds are joining his Superintelligence Project Live Events But since the last few years, the American rapper has had a tough time with legal battles, civil lawsuits, and the severing of major business partnerships, which have significantly impacted his wealth, as per the report. One of his major fallouts was with Diageo, which resulted in a substantial loss of income and influence, after the trial started, as per the report by Merca2.0. Even after these personal setbacks, Diddy remains one of the wealthiest figures in the hip-hop industry, though he has never officially been a billionaire yet, contrary to popular rumors and speculations, according to the report. What Diddy Was Accused Of His downfall started after Diddy faced five serious federal charges, including some of the most severe crimes under US law, which include: Racketeering Conspiracy (Criminal Organization Leadership) Sex Trafficking (Multiple Counts) Transportation for Prostitution (Multiple Counts) According to the Merca2.0 report, prosecutors had accused him of leading a criminal enterprise, which involved sex trafficking, drug distribution, witness tampering, and even arson. While, his alleged involvement in 'freak-offs,' where women were reportedly forced into sex acts, was the most important aspect of the case, as per the report. ALSO READ: Kamala Harris is back, urges Americans to call their representatives and block Trump's Big, Beautiful Bill The Jury's Final Word On July 2, after almost 13 hours of deliberation, the federal jury in New York reached a split decision on his case, according to the Merca2.0 report. Merca2.0 listed his verdict as follows: Not Guilty of Racketeering Conspiracy — the most serious charge that could have resulted in life imprisonment. Not Guilty of Sex Trafficking of Cassie Ventura — his former partner and star witness. Not Guilty of Sex Trafficking of a woman identified as 'Jane.' Guilty of Transportation for Prostitution of Cassie Ventura and other women. Guilty of Transportation for Prostitution of 'Jane' and other women. According to the report, the Mann Act transportation charges, which make it illegal to transport individuals across state lines for prostitution, were the only counts on which Combs was found guilty on Wednesday. While, these charges are considered the lesser of the accusations, but they still carry heavy penalties, as reported by Merca2.0. ALSO READ: Is US private sector crumbling? ADP says June sees first job losses in over a year FAQs How much money has Sean "Diddy" Combs lost because of the trial? According to the Merca2.0 report, his net worth fell by about $500 million in five years, from $900 million in 2020 to $400 million in 2025. What was Diddy found guilty of? He was found guilty of transporting women across state lines for prostitution, which is a federal crime under the Mann Act, as per the Merca2.0 report.
Mint
02-07-2025
- Business
- Mint
Sean 'Diddy' Combs net worth: From cars and properties to endorsement - Here's a look at the rapper's earnings
Billboard‑style beat, big business, and massive investments: Sean 'Diddy' Combs transformed his hip‑hop fame into a sweeping empire over the years. At his peak, Forbes pegged him at around $740 million in 2019, fueled by his Sean John fashion line, Cîroc vodka partnership, and Revolt TV media platform. His holdings span vinyl and ventures included the likes of Bad Boy Records, Bad Boy Entertainment, and stretched into Miami and Los Angeles estates. He also owned a private jet, top‑tier artwork, plus stakes in tech and hospitality via a company known as Combs Enterprises. But legal headwinds and civil suits have shaved off nearly $340 million since. As of recent months, Forbes estimates his net worth at roughly US$400 million, which is still substantial, but a sharp decline from his billionaire aspirations. A federal sweep, indictments, and trial shake the Diddy brand. On July 2, 2025, a jury found Combs guilty on two counts of transporting partners and escorts for prostitution under the Mann Act, but cleared him of racketeering and sex‑trafficking charges, which could have carried life sentences. The mixed verdict came after 34 witnesses testified during seven weeks of proceedings in Manhattan, according to a People report. Appeals and bail hearings are expected, but even the lesser convictions expose him to nearly a decade behind bars, and possibly the end of his public career, says an AP recent guilty, yet mixed verdict might spare Diddy from lifelong incarceration, yet the consequences are serious. He faces up to 20 years in prison if both prostitution counts are stacked. Legal experts predict he could receive a shorter sentence, perhaps around a year or two, given the sentencing guidelines and his acquittal on the more severe charges, according to reports. Still, conviction carries collateral damage: brand deals like Cîroc ended in 2023 after fallout over legal credibility, and Bad Boy's operations and value are under fresh threat.
