US: Vita Coco CEO confident of growth - report
Vita Coco is hoping to gain share in the niche coconut water beverage category
US-based coconut water firm Vita Coco has said that it is on track to "more than double sales" this year to around US$100m, according to reports.
Vita Coco's founder, Michael Kirban, told Dow Jones yesterday (18 May), that the company is hoping to gain share in the niche coconut water beverage category. The firm said it is hoping that its first national advertising campaign featuring US singer Rihanna will help it gain share in the category. The campaign is expected to launch during the summer.
Privately-owned Vita Coco is distributed through Dr Pepper Snapple Group. Investors include Kirban and co-founder Ira Liran, Brussels-based Verlinvest, and celebrities including Madonna and Demi Moore.
In the US, the brand competes with the likes of PepsiCo and The Coca-Cola Co. In 2009, Coca-Cola invested $15m in Zico Beverages and in December, PepsiCo became the majority owner of O.N.E. when it increased its stake in the company, Dow Jones reported. PepsiCo also owns the Brazilian coconut water company Amacoco.
Nonetheless, Kirban said the company wants to "make some really big moves this year".
In July last year, Vita Coco signed a ten-year partnership deal with Philippines-based Fresh Fruit, allowing the company to increase its total production capacity "five-fold" over a six-month period.
Nelson Peltz's Trian Fund Management investment fund reportedly no longer owns shares in PepsiCo....
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