Mosen Kangsheng (Tap) Has announced that it will cancel 11 types of beer because it wants to reduce its product lineup and readjust its business.
CEO Gavin Hattersley announced the news on the company’s earnings call on Thursday, saying that this move will enable the company to continue its high-end strategy. Gourmet diving Report.
Molson Coors will increase investment in its global scope Hard soda products Hartsley said, while reducing the footprint of traditional brands.
11 types of beer that will be chopped off, according to proverb, Including Milwaukee’s Best Premium, Mickey’s Fine Malt Liquor Ice, Henry Weinhard’s Private Reserve, Keystone Ice, Hamm’s Special Light, Keylightful, Icehouse Edge, Magnum, Miller High Life Light, Steel Reserve 211 and Olde English HG 8000.
Hartsley said in the conference call that the reason for the discontinuation of beer is simple: “Quality will continue to stay at Molson Coors,” Find Alpha Transcript.
“We will make larger investments after our rapidly growing global hard soda product portfolio, and we will permanently streamline a smaller traditional brand portfolio. We are excited about the progress we are making and we will not stop now,” He added.
Beer brands will not stop production, but will reduce SKUs. According to Food Dive, Hattersley explained that the Molson Coors team is discussing the use of similar products to fill coolers in some local areas.
As consumers switch from more traditional beer to other alcoholic and non-alcoholic beverages, the change in strategy is not surprising. According to Food Dive, the IWSR Beverage Market report stated that from 2015 to 2020, beer consumption in the United States has fallen by 7.5%.
Hartsley told the news media in an interview June interview“It is clear that people are looking for other alternatives and other options, and we are clearly at a disadvantage because we are not competing in some of these spaces. Our portfolio faces a lot of challenges.”
Molson Coors reported that compared with last year, sales in the second quarter of 2021 increased by 17.4%.
Hartsley said in a statement accompanying Molson Coors’ second-quarter earnings report: “This quarter is our best performance since we implemented the revitalization plan nearly two years ago, achieving the highest performance in any quarter in more than a decade. Revenue growth.” report.
As of the market opening on Tuesday, Molson Coors’ stock price was $49.27, up 2 cents, or 0.04%.
Photo: Reuters
