Coca-Cola Acquires Stake In BodyArmor Sports Drink
Coca-Cola Co is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, the company said on Tuesday, as it seeks to mount a stronger challenge to top energy drink Gatorade.
The investment in BodyArmor comes as Coke's Powerade steadily cedes market share to its more popular PepsiCo-owned rival. Coke has also been rattled by falling demand for its fizzy colas.
The company did not disclose the size of the investment or other financial details, but said it could increase its ownership stake in BodyArmor.
Coca-Cola said that the BodyArmor investment will form part of the company's Coca-Cola North America Venturing and Emerging Brands (VEB) investment portfolio. The BodyArmor brand will continue to operate independently.
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