Coca-Cola to halve number of brands

Daniel Fowler
October 25, 2020

Coca-Cola said that its revenue was still taking a hit due to the Coronavirus pandemic that has significantly declined sales at sporting events, movie theatres, and other away-from-home avenues.

"We are prioritizing bets that have scale potential across beverage categories, consumer need states and drinking occasions", Cath Coetzer, global head of innovation and marketing, said.

It was announced on October 16th that the Coca-Cola Company would be retiring a number of its products by December 31st, 2020 to 're-shape its portfolio'.

As part of its response to the pandemic, Coca-Cola said it was continuing its organizational and product changes.

The Coca-Cola Company is discontinuing 200 drinks brands according to reports.

Discontinuing products, like the Odwalla juice line, for example, frees up resources to invest in growing brands like Minute Maid and Simply and fund the launch of products like Topo Chico Hard Seltzer, Coca-Cola Energy and AHA flavored sparkling water, Coca-Cola said.

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Net income attributable to Coca-Cola's shareholders fell 33.01% to $1.74 billion. "[That's] something that should enable Coca-Cola Co.to put a greater emphasis on its core brands, including trademark Coca-Cola".

Of those brands, Tab is probably the most popular.

The Coca-Cola Company is one of the biggest players in the global drinks industry.

Coke has a transparent monetary incentive for the culling - in July, Quincey said more than half of its 400 grasp manufacturers had "little to no scale" and accounted for almost 2 p.c of the corporate's complete income. "If not for Tab, we wouldn't have Diet Coke or Coke Zero Sugar". However, supply chain challenges and shifting shopping behaviors brought on by the COVID-19 pandemic prompted leadership to accelerate the process. "We believe it will set us up with more momentum behind stronger brands as we come out of this crisis". In the same quarter a year ago, its net income was recorded at a higher £1.98 billion or 45.84 pence per share.

The beverage company, which makes about half of its revenue from sales in restaurants, theatres and other public venues, reported a slowdown in declines in "away-from-home" sales and said the last quarter had been its most challenging.

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