It took Cristiano Ronaldo less than 10 seconds to trigger an online campaign that eventually shaved off $4 billion from beverage behemoth Coke’s market value. At a pre-match press conference at the ongoing European Championship, the football icon pushed aside two bottles of Coke placed on the table before holding up a bottle of water.
The gesture does not need much reading into as Ronaldo’s disdain for aerated drinks is no secret. The display, however, almost instantaneously pulled down Coke’s share price from $56.10 to $55.22, as per a report in The Guardian.
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HomeExplainedExplained: Why Coca Cola won't lose sleep over Cristiano Ronaldo snub
Explained: Why Coca Cola won’t lose sleep over Cristiano Ronaldo snub
At a pre-match press conference at the ongoing European Championship, the football icon, Cristiano Ronaldo, pushed aside two bottles of Coke placed on the table before holding up a water bottle.
Written By Andrew Aman, Edited By Explained Desk | New Delhi |
Updated: June 17, 2021 7:29:47 am
Portugal's Cristiano Ronaldo during the press conference. (UEFA/Handout via REUTERS)
It took Cristiano Ronaldo less than 10 seconds to trigger an online campaign that eventually shaved off $4 billion from beverage behemoth Coke’s market value. At a pre-match press conference at the ongoing European Championship, the football icon pushed aside two bottles of Coke placed on the table before holding up a bottle of water.
The gesture does not need much reading into as Ronaldo’s disdain for aerated drinks is no secret. The display, however, almost instantaneously pulled down Coke’s share price from $56.10 to $55.22, as per a report in The Guardian.
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Will Ronaldo’s snub have a lasting impact on Coke’s brand image?
Advertising guru Prahlad Kakkar, who has worked on Pepsi commercials with Sachin Tendulkar and Amitabh Bachchan, feels the effects will only be short-term. “It does make a huge difference when someone like Ronaldo, considered a God by millions across the globe, makes a gesture like that. It will affect the shares and market value of Coke, but only momentarily. And these share prices don’t reflect the actual turnover,” he said. Kakkar, the founder of Genesis Film Productions, feels even if a good percentage of youth give up fizzy drinks, inspired by Ronaldo, it won’t take much time for the beverage giant to attract new customers. “There is no dearth of fools in the world. If one quits, five more will take up.”
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HomeExplainedExplained: Why Coca Cola won't lose sleep over Cristiano Ronaldo snub
Explained: Why Coca Cola won’t lose sleep over Cristiano Ronaldo snub
At a pre-match press conference at the ongoing European Championship, the football icon, Cristiano Ronaldo, pushed aside two bottles of Coke placed on the table before holding up a water bottle.
Written By Andrew Aman, Edited By Explained Desk | New Delhi |
Updated: June 17, 2021 7:29:47 am
Portugal's Cristiano Ronaldo during the press conference. (UEFA/Handout via REUTERS)
It took Cristiano Ronaldo less than 10 seconds to trigger an online campaign that eventually shaved off $4 billion from beverage behemoth Coke’s market value. At a pre-match press conference at the ongoing European Championship, the football icon pushed aside two bottles of Coke placed on the table before holding up a bottle of water.
The gesture does not need much reading into as Ronaldo’s disdain for aerated drinks is no secret. The display, however, almost instantaneously pulled down Coke’s share price from $56.10 to $55.22, as per a report in The Guardian.
ADVERTISEMENT
Will Ronaldo’s snub have a lasting impact on Coke’s brand image?
Advertising guru Prahlad Kakkar, who has worked on Pepsi commercials with Sachin Tendulkar and Amitabh Bachchan, feels the effects will only be short-term. “It does make a huge difference when someone like Ronaldo, considered a God by millions across the globe, makes a gesture like that. It will affect the shares and market value of Coke, but only momentarily. And these share prices don’t reflect the actual turnover,” he said. Kakkar, the founder of Genesis Film Productions, feels even if a good percentage of youth give up fizzy drinks, inspired by Ronaldo, it won’t take much time for the beverage giant to attract new customers. “There is no dearth of fools in the world. If one quits, five more will take up.”
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Professional athletes across the globe are paid exorbitant amounts to endorse these products. From Liverpool’s Mo Salah to NBA legend LeBron James, beverage companies with deep pockets are always looking for signing stars. In March this year, American basketball great LeBron left Coke after an 18-year association to strike a deal with Pepsi.
The two conglomerates are always on the lookout for ways to upstage each other. Back in the day, when Coke acquired the rights to be named official sponsors of the 1996 Cricket World Cup, Pepsi promptly launched a campaign with the tagline “Nothing official about it.”
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