Centenario’s “Todo o Nada” campaign, fronted by Memo Ochoa, targets 68 million Hispanic U.S. adults to lift from sixth-largest global tequila brand.
Centenario Tequila launched its “Todo o Nada” campaign this week, a World Cup-adjacent push fronted by Mexican National Team goalkeeper Guillermo “Memo” Ochoa. The 30- and 90-second spots, created by an all-Mexican creative team, will run across linear TV, digital video, and social channels in the U.S. The campaign follows last month’s “Memos for Mexico” effort, which invites consumers to record a version of folk song “Cielito Lindo” for a remixed ad debuting during Mexico’s May 30 match.
“Mexican pride has always been Centenario Tequila’s north star. It’s a spirit woven into the fabric of nuestra cultura and reflected in moments of celebration, ambition, resilience, and community across generations,” said Lander Otegui, executive vice president of marketing and innovation at Proximo Spirits, in a statement. “‘Todo o Nada’ is a continuation of who we have always been, an ongoing commitment to the culture, the craft, and the people who have made this brand what it is.”
The campaign lands at a moment when Centenario holds an awkward position inside Proximo’s own portfolio. It is the top-selling tequila in Mexico. Globally, however, it ranks sixth by volume, according to a 2024 IWSR Drinks Analysis. Two sister brands sit ahead of it: 1800 Tequila at number three and Jose Cuervo at number one. The gap represents the problem that “Todo o Nada” was built to solve.
The campaign’s primary audience is the 68 million Hispanic adults living in the U.S. today, a demographic the brand cites as its growth lever. Centenario already dominates in Mexico, where the emotional connection to its Jalisco Highlands origin is automatic. In the U.S., the brand must re-establish that connection across generations of Hispanic consumers who may have developed loyalty to other labels.
The creative choices reinforce that strategy. The voice-over speaks in Spanish: “All or nothing – that’s who we are. Nothing halfway; everything at 100%.” The narrative opens with a young man at a homemade altar, then cuts to Ochoa on the pitch and later at a family soccer match. The campaign’s production team – director La Sister, composer Carlos Mier, and culture-first agency MEL led by Luis Miguel Messianu – is entirely Mexican.
Key insight: The campaign uses cultural authenticity as a differentiator. Competing brands in the Proximo stable, Jose Cuervo and 1800, rely on broader lifestyle imagery and celebrity endorsements. Centenario is betting that a narrower, identity-focused message can generate higher conversion among its target demographic.
Proximo Spirits now has three brands in the top six of global tequila volume: Jose Cuervo (1), 1800 (3), and Centenario (6). That density creates a cannibalization risk. Every case Centenario sells in the U.S. may come at the expense of 1800 or Cuervo, which share the same distribution network and retail shelf space.
The “Todo o Nada” campaign tries to avoid that trap by positioning Centenario at a different emotional register. Ochoa, a national hero, embodies pride and resilience. The creative team’s Mexican identity reinforces the claim that Centenario is more than a drink – it is a cultural artifact. If that message resonates, Centenario could expand the overall tequila category among Hispanic consumers rather than merely redistributing share within Proximo.
Practical rule: The campaign’s success will be measured not by ad recall but by NielsenIQ off-premise sales data in the months after the World Cup. A lift that outpaces category growth indicates new category demand. Flat volume or share gains concentrated in stores that already carry Cuervo and 1800 would suggest cannibalization.
Targeting 68 million Hispanic adults is a large but defined pool. The campaign’s Spanish-language voice-over and cultural references may not translate to the broader U.S. adult population. Competing tequila brands – including Proximo’s own Jose Cuervo – have invested heavily in English-language, lifestyle-oriented advertising that reaches general-market consumers.
Proximo’s bet is that the Hispanic segment is both large enough and under-served enough to generate meaningful volume growth. Hispanic consumers accounted for about 22% of U.S. tequila consumption in recent years, a share that has risen as the demographic grows and as premiumization draws younger drinkers. Centenario’s campaign is an attempt to own that segment rather than compete for it.
The “Memos for Mexico” lead-in campaign serves a dual purpose. It builds a user-generated content funnel that will culminate in a broadcast ad during Mexico’s May 30 match. It also deepens the emotional connection: consumers who record a version of “Cielito Lindo” are invested in the brand’s narrative before the main campaign even airs.
Proximo Spirits is a private company, so direct equity exposure to Centenario’s performance is unavailable to most investors. The campaign’s real significance lies in what it reveals about competitive strategy in the fastest-growing major spirits category.
For investors tracking publicly traded distillers with tequila holdings – such as Diageo (Don Julio, Casamigos), Brown-Forman (Herradura, El Jimador), or Pernod Ricard (Avión) – Centenario’s campaign is a signal that the competitive intensity in tequila is shifting toward cultural marketing. Brands that lack a clear heritage narrative may lose shelf space and share of voice.
Risk to watch: If Centenario succeeds in expanding the category among Hispanic consumers, the overall pie grows. If it merely shifts share within the segment, competitors with broader demographic reach may respond with their own targeted campaigns, sparking a marketing arms race that erodes margins.
The next concrete data point will be the IWSR’s second-half 2025 volume report, the first full-period snapshot that includes the World Cup effect. Off-premise scanner data from NielsenIQ will provide earlier signals. For now, the campaign is a test case in whether a focused cultural identity can move a brand from sixth to a higher global rank without destabilizing its stablemates.
Centenario’s fate will be decided by repeat purchases, not by views. The “Todo o Nada” campaign earns the initial look. Whether it earns the second sale depends on how well its message translates from the screen to the shelf.
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