In great company

Austin billionaire among 6 tycoons inducted into the Texas Business Hall of Fame

Austin billionaire inducted into Texas Business Hall of Fame

John Paul DeJoria
Austinite John Paul DeJoria amassed his fortune through two of the world's most recognizable brands. Texas Business Hall of Fame

Austin billionaire John Paul DeJoria, who built his fortune through hair care products and high-end tequila, can now call himself a Hall of Famer.

On October 28, DeJoria was one of six Texas businessmen inducted into the Texas Business Hall of Fame. He and the five other inductees were honored during a dinner at the Hilton Anatole in Dallas.

“John Paul DeJoria’s rags-to-riches biography exemplifies the American dream. Once homeless, he has struggled against the odds to achieve success, launching multiple global enterprises while always supporting his motto, ‘Success unshared is failure,’” the Texas Business Hall of Fame says.

In 1980, DeJoria and hairstylist Paul Mitchell transformed a partially borrowed $700 into Beverly Hills, California-based John Paul Mitchell Systems, which today sells the largest privately owned line of salon hair care products. Forbes estimated John Paul Mitchell’s 2019 sales at roughly $900 million.

In 1989, DeJoria co-founded Patrón, the first ultra-premium tequila. Patrón, now the world’s No. 1 ultra-premium tequila, was sold to Bacardi in 2018 for $5.1 billion.

Aside from DeJoria, this year’s inductees into the Texas Business Hall of Fame are:

  • Dallas billionaire Mark Cuban. He is owner of the NBA’s Dallas Mavericks as well as chairman and CEO of AXS TV and one of the investors on ABC’s Shark Tank.
  • Fort Worth private investor John Goff. He was co-founder, vice chairman, and CEO of Crescent Real Estate, which Morgan Stanley bought in 2007 for $6.5 billion. Two years later, he bought back the company in partnership with Barclays Capital. Today, Goff is chairman of Crescent Real Estate as well as Houston-based Contango Oil & Gas. He owns The Ritz-Carlton hotel in Dallas and Fort Worth-based spa company Canyon Ranch.
  • Dallas private investor Morton Meyerson. Most notably, he is former chairman and CEO of Plano-based EDS and former chief technology officer at GM.
  • Houston investment manager Gerald Smith. He is chairman and CEO of Smith Graham & Co., an investment management firm. He’s also a board member of New York Life Insurance and the Federal Reserve Bank of Dallas, and chairman of the Texas Southern University Foundation.
  • Dallas executive Randall Stephenson. He is former chairman and CEO of Dallas-based tech, media, and telecom giant AT&T.