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The Coca-Cola company has announced that it's lemon drink Sprite has grown to be a billion-dollar brand in India as it announced its earnings for the quarter ending in September 2022.
The origins of Sprite can be traced back to 1959 in West Germany where it was developed as a Clear Lemon version of Fanta. Interestingly, the Sprite brand was developed in Houston in 1955 and was subsequently acquired by Coca-Cola in 1960. In 1961, Sprite was launched in the US.
By 1967, the brand's popularity had seen exponential growth, especially among the youth, as the drink was now available in 39 countries (almost 200 in 2019). Since the launch of Sprite, several variants of the classic lemon soda have been launched, such as Cherry, Lymonade, Zero Sugar, etc.
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The drink debuted in India in 1999, 50 years after the launch of Coca-Cola in India. Its timeless green dimpled bottle design and fizzy lemon taste have made it one of India's most popular soda brands.
“Sprite has grown to become a billion-dollar brand in the (India) market, driven by locally adapted, occasion-based marketing campaigns and screen time,” Coca-Cola said in its global earnings call.
Sprite is the second brand in Coca-Cola's portfolio that has achieved $1 billion in sales annually, the first being Thums Up which turned billionaire in 2021. Sprite's appeal to the youth, innovative marketing campaigns & the expansion of returnable glass bottles and single-serve PET packages resulted in the company carrying out 2.5 billion transactions in the country.
Coca-Cola's results beat all estimates as the company recorded net revenues of $11.1 billion, up 10.2% YoY. Net income for the quarter that ended in September 2022 came in at $2.8 billion, growing 14.3% YoY. Sales Growth in the APAC region grew by 4% to $1.4 billion. Operating margins declined to 27.9%.
Shares of Coca-Cola company ended at $59.39 per share yesterday.
Article by Aman Agarwal.
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