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Tuesday, January 19, 2021

Coke Cancels 200 Brands, Cutting Portfolio in Half

The Coca-Cola Company is canceling 200 of its brands by the end of the year, slashing its portfolio in half, “to focus on emerging stronger from the pandemic.”

The Coca-Cola Company is canceling 200 of its brands by the end of the year, slashing its portfolio in half, “to focus on emerging stronger from the pandemic.”

“We are accelerating our transformation that was already underway, shaping our company to recover faster than the broader economic recovery,” Chairman and CEO James Quincey said.

Quincey told CNN that “hydration” brands, which includes Dasani and Powerade, could likely be cut. He did not specify other brands included in the cuts.

The company made the announcement last October 22, nearly a week after it announced that it would retire underperforming products, including Tab diet soda, Zico coconut water, Odwalla, Coca-Cola Life, and Diet Coke Feisty Cherry “to refresh prioritizing category-leading brands.”

The company said that although the plans were underway even before the beginning of the COVID-19 pandemic, the global health crisis prompted the company to accelerate the plans.

“Ongoing COVID-19 supply chain challenges and shifting shopping behaviors prompted the company to fast-track its plan,” the company said.

The multinational beverage company reported that their net revenues declined by nine percent to $8.7 billion in the third quarter due to the pandemic that has forced several bars and restaurants across the world to close.

“We believe it will set us up with more momentum behind stronger brands as we come out of this crisis,” Quincey said.

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