Coke, illycafe to set up JV for coffee
The Coca-Cola Company and illycafe SpA have decided to form a global joint venture for premium ready-to-drink (RTD) coffee. According to a press-release issued here on Tuesday.
By TNN |
BANGALORE: The Coca-Cola Company and illycafe SpA have decided to form a global joint venture for premium ready-to-drink (RTD) coffee. According to a press-release issued here on Tuesday, Coca-Cola’s brand building and distribution expertise would help illycafe’s world-class espresso to capture opportunities in this beverage category with new brands and products.
Ready-to-drink coffee category is globally valued at just $10 billion. Globally, excluding Japan, this category has grown at an average rate of 10.1% over the last five years. Coca-Cola’s president and COO Muhtar Kent said, “illy is a proven leader with an uncompromising commitment to high-quality espresso coffee and a strong history of innovation with whom we are proud to partner.
This partnership demonstrates our commitment to meeting evolving consumer demands while creating additional value for our system, our customers and our shareholders.”
illycafe’s chairman Andrea Illy said: “We are proud to partner with the top brand name in sparkling beverages to offer the illy taste to a new range of consumers. Our R&D team will work with Coca-Cola’s industrial and distribution infrastructure team to develop a high-quality RTD coffee.”
Ready-to-drink coffee category is globally valued at just $10 billion. Globally, excluding Japan, this category has grown at an average rate of 10.1% over the last five years. Coca-Cola’s president and COO Muhtar Kent said, “illy is a proven leader with an uncompromising commitment to high-quality espresso coffee and a strong history of innovation with whom we are proud to partner.
This partnership demonstrates our commitment to meeting evolving consumer demands while creating additional value for our system, our customers and our shareholders.”
illycafe’s chairman Andrea Illy said: “We are proud to partner with the top brand name in sparkling beverages to offer the illy taste to a new range of consumers. Our R&D team will work with Coca-Cola’s industrial and distribution infrastructure team to develop a high-quality RTD coffee.”
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