CORRECTED-UPDATE 3-Coca-Cola bets on Kobe sports drink in fight with Gatorade (Aug. 14) [Reuters]
PepsiCo, Inc. (PEP)
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Source: Reuters
Coca-Cola bets on Kobe sports drink in fight with Gatorade | Reuters 3 Min Read (In this August 14 story corrects paragraph 2 to show Powerade is not ceding market share to Gatorade) By Aishwarya Venugopal (Reuters) - Coca-Cola Co ( KO.N ) is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, it said on Tuesday, seeking to mount a stronger challenge to PepsiCo’s ( PEP.O ) Gatorade. Coca-Cola’s investment in BodyArmor - which will make it the brand’s second largest shareholder - comes as its Powerade drink competes for market share with Gatorade. Coke has also been rattled by falling demand for its trademark fizzy drinks. While Coke says there is “much work to be done” at Powerade, PepsiCo said last month that Gatorade was seeing higher demand after launching zero-sugar versions. “Proud of our team at @DrinkBODYARMOR and our new partnership with the @CocaColaCo who believes in our mission of becoming the #1 Global Sports Drink. Thanks @Gatorade,
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