Kobe Bryant Estate To Net Millions As Coca-Cola Acquires BODYARMOR
The Kobe Bryant Estate will reportedly receive $400 million dollars as Coca-Cola acquires BODYARMOR.
On Monday, November 1st, Coca-Cola announced their largest brand acquisition ever, as they purchased BODYARMOR for $5.6 billion. Back in 2018 Cola-Cola purchased a 15% stake in BODYARMOR, but now Coca-Cola has full ownership.
BODYARMOR will be managed as a separate business within Coca-Cola’s North America operating unit and will continue to be based in New York. Under a separate consulting and transition-services agreement, the executive leadership team, including Co-founder and Chairman Mike Repole and President Brent Hastie, has agreed to continue to work to maintain the brand’s successful momentum in the market. They are committed to executing BODYARMOR’s 2022 plan and working on vision and strategy for 2023 and beyond.
Bodyarmor who brings in more revenue than Coca-Cola’s Powerade and Vitamin Water, is now set to make a strong push at Pepsi’s Gatorade which leads the sports energy drink category with about 70% market share. Bodyarmor was already having a great year. In fact, they are projected to bring in 50% more sales than the previous year.
“Ten years ago, we set out with a vision to create a better-for-you sports drink with a goal of becoming the #1 global sports drink. Our talented leadership team under Brent Hastie, our 400 dedicated employees and incredible Coca-Cola bottling partners have helped us build this remarkable brand. If it wasn’t for Kobe Bryant’s vision and belief, BODYARMOR would not have been able to achieve the success we had. I couldn’t be more excited to become part of the Coca-Cola family and set our sights on the future.”– Co-founder and Chairman Mike Repole via Press Release
Kobe Bryant who invested in BODYARMOR back in 2013 after only two years of its existence, had the vision of BODYARMOR becoming the number one sports drink in 2025. “In 2025, we want to be the number one sports drink,” Kobe Bryant told CNBC. “That means we have to roll up our selves. We gotta get after it. And, we have to make sure that the market and other athletics understand that there’s a better for you option out there.”
Now fast forward to 2021 and Cola-Cola’s full acquisition will earn the Kobe Bryant Estate about $400 million dollars as reported by The Wall Street Journal.