It is not an endorsement deal," Combs told The Associated Press on Tuesday night. "This is something that will have my daily attention."

Combs said he wanted to work with Diageo because the company understood that "I'm not just a celebrity endorser, I'm a brand builder. I'm a luxury brand builder."

Combs said he will be responsible for everything from marketing the brand to deciding where to sell it, and will focus on attracting "movers and shakers" to the line.

"They're looking for something that tastes like their lifestyle," he said. "It's that trendsetter, that hipster, someone who's looking for luxury and looking for something better."