Coke bids adieu to 200 drink brands, slashes half its portfolio
By Team Newsable | First Published Oct 23, 2020, 10:44 AM ISTThe news comes nearly a week after the beverage giant announced it would discontinue its once popular sugar-free soft drink Tab after more than 60 years on shelves across the world
New York: Coca-Cola is saying goodbye to 200 brands, or half of its portfolio.
The beverage giant had already announced that it will discontinue some beloved, if outdated, drinks, like Tab, Zico and Odwalla. Thursday was the first time the company said it would get rid of 200 of them.
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The money-saving move will allow Coke to focus on its most profitable products so that it may “emerge stronger from the pandemic,” the company said in a news release Thursday.
The news comes nearly a week after the beverage giant announced it would discontinue its once popular sugar-free soft drink Tab after more than 60 years on shelves across the world. Other “underperforming” brands on the way out include Odwalla, ZICO coconut water, Diet Coke Feisty Cherry and regional offerings like Northern Neck Ginger Ale, the company said.
According to a report on CNN, CEO James Quincey was quoted saying during an analyst call that the company has finalized which brands will remain in the portfolio. He didn't give specific names that will get axed, but said that the "hydration" category, with Dasani, Powerade, Vitamin Water and Zico, and other brands, will likely see more cuts.
“Throughout this year’s crisis, our system has remained focused on its beverages for life strategy,” Quincey said in a statement. “We are accelerating our transformation that was already underway, shaping our company to recover faster than the broader economic recovery. While many challenges still lie ahead, our progress in the quarter gives me confidence we are on the right path.”
Water and sports drink volumes fell 11% in the third quarter.
Many of the brands Coke will shut down are only sold in certain markets instead of nationwide, he said.
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