US: PepsiCo to develop coconut beverages for GNC stores
PepsiCo has signed a joint venture agreement with nutritional retailer GNC
PepsiCo has signed a joint venture agreement with retailer GNC to develop and sell fortified coconut water products in the US.
The products, to be created under the Phenom brand name, are set to be launched during the second quarter of 2011 in GNC stores and online. There will be a wider release in other retail outlets if sales prove successful, PepsiCo and GNC said yesterday (8 November).
PepsiCo said the joint venture follows the "successful" retail launch of its Gatorade G Series Pro at GNC stores in May.
"Phenom is perfectly positioned at the intersection of health and wellness and natural hydration," said Massimo D'Amore, CEO of PepsiCo Beverages Americas. "This is an exciting new phase of our relationship with GNC. As our partner, they are a strong brand and provide well recognised capabilities in the health and wellness space."
PepsiCo has been keen to expand its presence in the health and wellness sector and recently set up a Global Nutrition Group in a bid to place more emphasis on producing products backed by science.
In 2009, PepsiCo signed a deal to acquire both divisions of Brazil's largest coconut water company, Amacoco Nordeste and Amacoco Sudeste, for an undisclosed fee.
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