The bad news, if you're a Coke fan, is Coca-Cola is taking a machete to its brand lineup and severing 200 brands from its portfolio by the end of the year. If anyone's counting, that's half its current beverage portfolio.
Goldman Sachs analyst Bonnie Herzog said the move will be positive for Coca-Cola Co.'s remaining brands and its bottom line.
On the flagship Coca-Cola brand, Quincey said that "while we have been judicious in our use of marketing spend in Q2 particularly but also in Q3, we have continued to market, including marketing strongly behind the Coke brand". If it's one of Coca-Cola's more niche products, it's got about a 40% chance of being cut.
But why is the Coca-Cola Company discontinuing so many products and which drinks are going to be leaving the shelves?
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Speaking of which, we tasted the top 6 spiked seltzers, and this one stood head and shoulders above all the others. "The objective is to drive impact and growth".
Numerous brands Coke will shut down are only sold in certain markets instead of nationwide, he said. "If not for Tab, we wouldn't have Diet Coke or Coke Zero Sugar".
Tab isn't the only beverage Coca-Cola is pouring down the drain. However, supply chain challenges and shifting shopping behaviors brought on by the COVID-19 pandemic prompted leadership to accelerate the process.
Its latest deal with the International Olympic Committee (IOC) will see it share ownership of the worldwide beverage category of The Olympic Partner programme with China Mengniu Dairy Company, a Chinese dairy producer. It might be hoping this - plus a slew of job cuts - will help it come out of the coronavirus crisis even stronger than before. The report comes on the very day when Coca-Colareported a 4 percent fall in its unit case volume for its Asia-Pacific market due to coronavirus-related restrictions in India and Japan. Overall, the Atlanta-headquartered company has reported a decline of 9 per cent in its consolidated net revenues to United States dollars 8.7 billion, and its operating income declined 6 per cent.