What do tequila and beauty salons have in common? The economy: according to Patron Spirits Owner and CEO of Paul Mitchell John Paul DeJoria.
“When the economy goes bad, beauty salons and barber shops have the same amount of customers almost, if you drop off, but they come less often. When the economy gets better, they come on a more regular basis -- and I can tell you from the beauty salon industry that salons are doing pretty good right now, their numbers are up, which means people are having confidence in the economy. They’re going to a salon or barber shop on a regular basis which means their business is up,” he said during an interview on the FOX Business Network’s Mornings with Maria.
According to DeJoria, Patron is currently the number one ultra-spirit brand in the world, and Paul Mitchell sales have been pretty solid in 2015 as well.
“When people are feeling good they treat themselves… So people that were drinking Patron before, but maybe drink something else because of the economy, are now going back to Patron… We are already into double digits which is pretty exciting when you look at that for ultra-premium tequila. People want to treat themselves, they are doing it with Patron… Paul Mitchell and Patron are both up there right around the double-digit figure,” he said.
When asked whether Patron and beauty salons are recession proof DeJoria added: “Still, during the recession both industries went down just a little bit, they were still there though, they weren’t recession proof… but it goes back up because people have enough money, enough confidence to know that those that have the money -- the money is going to continue and they can treat themselves.”