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Coca-Cola saying goodbye to half its drink brands
Coca-Cola gets into hard seltzer business
Coca-Cola is launching a hard seltzer brand. FOX Business’ Lauren Simonetti with more.
Coca-Cola is planning to kill off 200 drink brands, which account for about half of its portfolio, as it works to return to pre-coronavirus levels of growth.
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In a bid to better weather the pandemic, the company plans to shift focus onto brands "that can be scaled to drive profits for the long term," CEO James Quincey said during an earnings call Thursday.
The streamlining is taking place during a rough stretch for Coca-Cola and almost all companies that cater to social events. Half of Coca-Cola’s sales come from stadiums, movie theaters and other places where people gather in large numbers — venues that have been closed in an attempt to curb the spread of COVID-19.
COCA-COLA WILL STOP MAKING TAB DIET SODA
As it reshapes its portfolio, the company expects to offer "approximately 200 master brands" while phasing out some products.