Carmelo Anthony Admits He Was Mocked by NBA Teammates Before Entering $333.7 Billion Market

Carmelo Anthony earns approximately $6 million per year through his endorsement alone. His career earnings through the NBA is over $262 million in salaries. So obviously, ‘Melo’ would go on to create his own business empire which includes STAYME70 fashion label, a wine brand VII (N) The Seventh Estate, and Creative 7 a media production company. Anthony also has ownership in venture funds and equity funds, his Melo7 Tech Partners have invested in around 37 companies. Despite all these ventures, he was once mocked for entering a new business venture.

Anthony has always been a wine connoisseur since his Denver Nuggets days. “I realized I need to stop spending so much money on consuming this wine and figure out what is the right business model in this industry,” said Anthony. So, he launched the brand VII (N) The Seventh Estate in 2022 which was three years in the making.

There is a culture shift not just in the NBA but in the world where wine is not only fully accepted but also considered part of the elite lifestyle. Anthony described his interaction when he was looked down upon for even thinking about entering the business. The wine business is $333.7 billion in 2023 and is expected to grow around 6% from 2023-2028. “Years ago, you didn’t see it. You was laughed at for drinking wine,” Anthony said in an interview with Bloomberg Television. “Now people want to explore.”

David Griffin, the Cleveland Cavaliers’ former general manager, credited San Antonio Spurs coach Gregg Popovich for instilling the wine culture. Popovich did so by conducting mandatory team dinners and players were instructed to bring wine bottles. Anthony has taken the culture ahead and announced a new collaboration with Robert Mondavi Winery in May 2024. The winery has been a leader in the wine industry since they were founded in 1966. The multi-year collaboration would launch with Ode to Soul (SRP: $275) as its first offering.

Even the NBA accepted the culture change and made Kendall-Jackson Winery league’s official wine. “There’s a genuine interest and excitement around the wine culture, and it naturally fits with our game,” said Joey Graziano, the NBA’s head of event strategy and development. ESPN published an article in 2018 titled “The NBA’s Secret Wine Society,” highlighting the wine influence among the players. So, who are the players apart from Carmelo Anthony who have invested in the wine business?

Carmelo Anthony and the Banana Boat Group

Carmelo Anthony, Chris Paul, Dwyane Wade, and LeBron James form the infamously famous group. Even the ESPN article used their photo as a reference for growing the wine culture in the league. Chris Paul joined the wine business in 2022. The point guard joined La Fête Wine Company founder Donae Burston to help him expand his wine brand as an equity partner. Paul’s stake in the company was not disclosed.

Dwyane Wade produces his own wine under the brand name Wade Cellars which was started in 2014. This was in partnership with his friend and mentor Jayson Pahlmeyer. In 2o21, Wade Cellars was named one of Wine Business Monthly’s Top 10 Hot Brands. Currently, LeBron James is the only one who doesn’t have any endorsements with any wine brands. However, his knowledge of wine is off the charts.

James, for example, “is a really knowledgeable wine drinker,” says Braiden Albrecht, winemaker at Napa’s Mayacamas. It’s where the Lakers star has visited multiple times. “He’s really interested in the process. He asks questions about how we get the barrels clean, why we don’t use new oak — his attention to detail is very impressive.”

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