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Coca-Cola Co. KO 0.37% is discontinuing its Zico coconut water brand and considering axing some less-popular versions of Coke and Diet Coke as it slashes its product offerings in response to the coronavirus pandemic.
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The decision to discontinue Zico by the end of the year “comes at a time when we are hyper focused on delivering on our consumers’ wants and needs,” a Coke spokeswoman said. The company is winnowing down its brands to ones that can achieve a large scale, she said.
Products now under review include Diet Coke Feisty Cherry; Coke Life, a lower-calorie version of the cola sweetened with stevia; and regional American soda brands such as Northern Neck Ginger Ale and Delaware Punch, according to a person familiar with the matter.
COCA-COLA TO ENTER US ALCOHOLIC DRINKS MARKET WITH MOLSON COORS TIE-UP
The beverage company has 500 fully or partially owned brands around the world and last month said it is aiming to cut that number by more than half. The effort is part of a broader restructuring spurred by the coronavirus crisis that includes layoffs and a revamped marketing strategy. The Wall Street Journal in July reported that Coke planned to close its Odwalla juice and smoothie business.