Warren Buffett the new face of Coca-Cola
- Author: Leroy Wright Apr 06, 2017,
Apr 06, 2017, 8:16
Berkshire Hathaway, the investment company owned by Buffett, holds 9.3% of Coca-Cola stocks, worth about $17 billion, according to Bloomberg. Coca-Cola in China has taken the unusual step of putting the face of its top investor on cans of Cherry Coke in China to promote the drink's launch in the country. For starters, it began with him opening a can of Cherry Coke.
The drinks giant was now looking to leverage Buffett's huge popularity with Chinese investors and consumers. Coca-Cola announced over the weekend that a grinning cartoon portrait of the American business magnate would adorn cans and bottles of his favourite flavour after it was introduced in the country on March 10.
And an estimated 3,000 Chinese investors flocked to the Oracle of Omaha's hometown to attend Berkshire Hathaway's annual shareholders meeting previous year.
Some would consider Coca-Cola's move as paying homage to Buffett, while others would say that the move is nothing more than a sales tactic that uses his image for profit.
Buffett spoke of Kent proposing the idea: "I said it would be fine to do it for the first six months after launching the product". "But we're thrilled, and he's selling well", Lin added in a company statement.
We should note that Buffett has faced some criticism for his support of Coke. He said, "If I eat 2700 calories a day, a quarter of that is Coca-Cola".