Beverage giant Coca-Cola (NYSE: KO) is one of several beverage and food stocks that have been hit due to potential concerns from weight loss drugs hurting sales.
Ahead of its quarterly earnings report, the company announced another venture into the alcoholic beverage category.
What Happened: For the past several years, Coca-Cola has been building up partnerships with alcohol manufacturers as it utilizes its well-known brands to push into new categories.
The company announced this week its newest partnership that will bring the company’s iconic Sprite drink into the alcoholic beverage sector.
Coca-Cola is partnering with Pernod Ricard to launch Absolut Vodka & Sprite, a ready-to-drink pre-mixed cocktail.
The new beverage will debut in 2024 with an initial launch in select European countries, including the United Kingdom, the Netherlands, Germany and Spain.
Pre-mixed cocktails will include both Sprite and Sprite Zero Sugar along with Absolut, a well-know international premium vodka.
“We are expanding in the alcohol ready-to-drink space, including products that use select brands from our core portfolio,” Coca-Cola CEO James Quincey said. “We are excited about our new relationship with Pernod Ricard and look forward to the introduction of Absolut ...