China, Cherry Coke, and the Oracle of Omaha
- Author: Zachary Reyes Apr 05, 2017,
Apr 05, 2017, 10:23
Buffett's investment firm Berkshire Hathaway Inc.is Coca-Cola's biggest shareholder, owning a 9.3 percent stake in the company.
Buffett, who has a net worth of about $75bn, has come to the defence of Coke amid concerns about the effects of sugary drinks.
There is no indication that Warren Buffett will ever be featured on Coke products sold in the U.S. But it wouldn't surprise us a lick if Chinese Cherry Coke cans featuring the Oracle of Omaha start popping up for sale on eBay very soon. The investor will not be paid for the promotion Buffet once said that he was "one-quarter Coca-Cola", admitting that he drinks five cans of Coke a day.
The drinks giant was now looking to leverage Buffett's huge popularity with Chinese investors and consumers.
"People like Jack Ma and Warren Buffett have cult status due to their success", said Carter Chow, China CEO of marketing agency J Walter Thompson.
"Cherry Coke using Warren Buffett is a pretty authentic choice", he said. "But we're thrilled, and he's selling well", Lin continued.
Cherry Coke launched in China last month, the company said.
At his annual meeting a year ago, Buffett proclaimed, "I have not seen evidence that convinces me that it'll be more likely I reach 100 if I suddenly switched to water and broccoli". In opening remarks, Buffett said he was delighted to have people around the world joining, but noted the meeting was being simultaneously translated into just one language: Mandarin.