The Coronavirus pandemic reached one of the most powerful companies: Coca-Cola.
Without a doubt, the Coronavirus pandemic has challenged the survival of countless companies worldwide; And now, it is confirmed that one of the most powerful, The Coca-Cola Company, will significantly reduce its monstrous operations as a result of the global health crisis.
It has been announced that the multinational is about to eliminate 200 brands of beverages from its catalog, which represents approximately half of its current inventory. James Quincey, President and CEO of The Coca-Cola Company, explains the product downsizing as a natural consequence of an unprecedented year of struggle:
“During this year’s crisis, our system has remained focused on its drinks for life strategy, Quincey said. We are accelerating our transformation that was already underway, shaping our business to recover faster than the overall economic recovery.”
In a press release, Coca-Cola stated that “the company expects to offer a portfolio of approximately 200 master brands, a 50% reduction from the current number and phase out some products.” In the United States, brands such as ZICO® (coconut water) and TaB® (cola) will soon be withdrawn from the market.
Like almost every other business in the world, Coca-Cola has been adversely affected by the COVID-19 pandemic and the consequent closure of businesses, travel and tourist attractions. Businesswire reports that the company’s revenue in the third quarter of 2020 fell 9% ($ 8.7 billion).