The hard seltzer train is leaving the station, but not before Coke jumps on.
Background: It's the healthyish, spritzy, summer-vibez drink that's just about everywhere right now. There's Saintly, Good Tides, White Claw...the list goes on.
What happened: The hard seltzer market is worth a whopping $6.1 billion (and growing at 16% each year). So obviously, Coca-Cola Australia wants in. So, it's launching a brand new alcoholic drink called Topo Chico (Spanish for "Little mole").
What else: This is big news for Coca-Cola Australia because it has never actually entered the alcoholic space before this. They're hoping this will diversify their brand a little.
Major food brands are looking at more ways to get into the mouths and stomachs of their customers. Like Maccas and McCafé, or Lipton Ice Tea getting into kombucha.
These companies leverage their existing marketing, manufacturing and distribution to create different brands. And ultimately, build even greater dominance.
And studies show that adding more brands to a company's portfolio actually increases consumer confidence in the brand. Hopefully Little Mole is as good as it sounds.
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