Coca cola brews a hot acquisition costa coffee case a

Coca-Cola Brews a Hot Acquisition: Costa Coffee
Case
Author: Ahmed Maamoun
Online Pub Date: January 15, 2020 | Original Pub. Date: 2020
Subject: Marketing, International Marketing, International
Strategic Management
Level: | Type: Indirect case | Length: 3624
Copyright: © Ahmed Maamoun 2020
Organization: Coca-Cola Company| Costa Coffee| Starbucks |
Organization size: Large
Region: Northern America, Eastern Asia, Northern Europe |
State:
Industry: Manufacture of beverages| Retail trade, except of
motor vehicles and motorcycles
Originally Published in:
Publisher: SAGE Publications: SAGE Business Cases Originals
DOI: http://dx.doi.org/10.4135/9781529724554 | Online ISBN:
9781529724554
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© Ahmed Maamoun 2020
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Abstract
The Coca-Cola Company, created in 1886, is the world’s largest
beverage corporation, offering
over 500 brands to consumers in 200 countries. The company’s
revenues and profits have
been dwindling over the last decade, due to the shrinking soda
market, as consumers are
turning away from sugary drinks, and cities are imposing soda
taxes. While carbonated soft
drinks (CSD) sales are declining, coffee consumption is on the
rise. In August 2018, Coca-Cola
decided to get a USD 5 billion shot of caffeine, and acquired the
British coffeehouse Costa.
The acquisition was finalized in January 2019, and now the U.S.
beverage giant has access to
almost 4,000 Costa stores in 32 countries. Coffee is the second
most-traded global commodity
after oil, and the United States is the largest coffee market in
the world, with 450 million cups
consumed daily. The possibilities are endless with Coke’s new
global coffee platform, and the
acquisition is likely to have a ripple effect for major coffee
chains like Starbucks. What will
transpire next?
Case
Learning Outcomes

After discussion of this case, students will be able to:
• explain the importance of an ongoing growth strategy, even
for the most prominent and successful
multinational corporation;
• describe how mergers and acquisitions could be utilized to
compete in an increasingly global and
competitive market;
• highlight the significance of watching market trends and
adapting accordingly;
• demonstrate comprehension of the complexity of expansion
decisions and the factors involved in
choosing a growth strategy; and
• recognize the challenges involved in starting and running a
retail operation.
The Coffee Industry
Coffee 1 was not always a mainstream global beverage, simply
because it could only be grown in roughly
20 countries possessing the ideal growing conditions for coffee
trees. These countries are found around the
globe along the equator, also known as the “Bean Belt.” By the
19th century, trade and exchange connected
coffee-producing colonies to consumers in Europe. Originally,
the upper classes consumed most of the coffee,
as it symbolized not only wealth and taste but also privileged
access to foreign imports. Over the next century,
coffee transformed from an elite delicacy to a beverage for the
masses. As its popularity grew, Europe
and North America increased their coffee consumption
significantly. After World War II, the average U.S.

consumer drank 48 gallons of coffee a year (twice the current
consumption). This was soon to change as
soda drinking quadrupled over the following decades, while
coffee drinking declined (Olshan, 2013).
Until the 1960s, nearly all U.S. consumers purchased their
coffee at supermarkets and grocery stores. During
the late 1960s, some entrepreneurs established stores carrying
hard-to-find gourmet food items, such as
specialty coffees, aimed at wealthy customers. Some of these
shops even roasted their own coffee to control
the degree of roast and keep the coffee fresh. By 1969, the
United States had about 50 specialty coffee
stores. Throughout the 1970s, the industry experimented with
roasting beans darker to make a more distinct
coffee than the lighter supermarket roasts. Thus, many
consumers came to associate dark roasted coffee with
gourmet coffee. Decaffeinated coffees became a popular seller
during the 1980s with 17% of the population
drinking it by 1988 (Video 1). The market for flavored coffees
emerged in the mid-1980s, causing producers
to add flavors, such as cocoa, vanilla, or hazelnut in liquid or
powder form, to coffee beans. Because adding
flavor required some capital investment, specialty shops sold
the flavored coffees at a higher price (Buzby &
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Haley, 2007).
During the early 1990s, some companies started websites to sell
coffee beans over the Internet. Most industry
firms became creative to increase market share. They ran
catalog sales departments, added retail locations,
and competed for new wholesale clients such as restaurant
chains and supermarkets. Some roasters created
private label blends for their institutional customers.
Starbucks’s Nordstrom blend, for instance, was created
for the upscale department store chain. Securing corporate
accounts became increasingly important because
the principal place for drinking coffee in the late 1990s was the
workplace.
Watch Video 1: Moscow on the Hudson (1984)—Coffee Scene,
where Robin Williams stars as a Soviet
immigrant living in the United States. Checking the coffee aisle
in the local supermarket became an
overwhelming experience because of the broad assortment!
Two industry breakthroughs occurred in the early 2000s when
coffeehouses like Starbucks and Caribou, and
new technologies like Keurig pods, slowly became an integral
part of the coffee culture in the United States.
Starbucks Corporation began in 1971 with one store in Seattle,
Washington. Three entrepreneurs—Gordon
Bowker, Jerry Baldwin, and Zev Siegl—founded the business.
They named it after a character from Herman
Melville’s classic novel Moby Dick who was obsessed with
coffee, and they developed the now iconic
mermaid logo. Starbucks originally sold bulk tea and specialty
coffee beans by the pound. The business’s
idea for coffee bars started in 1984 from the company’s
marketing director, Howard Schultz. 2 A year later,
Schultz quit his job to start a chain of espresso cafes like those

he had seen in Milan, Italy. He called his
cafes Il Giornale, 3 and over the next 16 months, he would open
seven stores throughout Seattle. All served
Starbucks coffee in a style that mimicked what he had
experienced in Italy. In 1987, Schultz bought Starbucks
from its three founders for USD 3.8 million. By 2018, the
company had 28,000 locations in 75 countries and
291,000 employees. Revenue that year was USD 24.7 billion.
In an effort to compete with Starbucks in the breakfast business,
Burger King and McDonald’s introduced
upgraded coffee blends, brewing procedures, and packaging.
Burger King launched its BK Joe branded,
made-to-order coffee program nationwide in October 2005,
while McDonald’s started selling its premium
coffee in 2006 (Perez, 2013).
By 2017, the retail value of the U.S. coffee market was
estimated at USD 48 billion with specialty coffee
comprising approximately 55% of sales, or USD 26.4 billion
(National Coffee Association, 2017). The
Specialty Coffee Association defines specialty coffee as “a
coffee that has no defects and has a distinctive
flavor in the cup.” With specialty coffee doing so well, many
firms were flaunting their offerings in this category.
For example, McDonald’s relaunched its McCafes with a new
line of caffeine-powered drinks: Caramel
Macchiato, Cappuccino, and Americano, all for a limited time
for USD 2 (Diamond, 2017).
Globally, in 2017, the coffee industry was estimated at USD 60
billion, and the world’s four largest coffee
exporters were Brazil (5.7 billion pounds), Vietnam (3.6 billion
pounds), Colombia (1.8 billion pounds), and
Indonesia (1.5 billion pounds). In fact, coffee was the world’s
second most-traded commodity after oil (Smith,

2017). This growth was fueled by booming specialty coffee
sales.
Coffee is arguably the most popular beverage in the world, with
more than 400 billion cups consumed each
year. More than 450 million cups of coffee are consumed daily
in the United States. In 2018, 64% of U.S.
consumers drank a cup of coffee every day, up from 62% in
2017. In absolute terms, the United States is
the largest coffee market in the world; on a per capita basis,
however, it’s not even in the top 10 (Smith,
2017). Interestingly, Scandinavia boasts the highest per-capita
coffee consumption in the world. On average,
people in Finland drink more than four cups of coffee a day.
The biggest coffee drinkers are Finland (12 kg
of ground coffee per capita per year), Norway (9.9 kg), Iceland
(9 kg), Denmark (8.7 k), the Netherlands (8.4
kg), Sweden (8.2 kg), Switzerland (7.9 kg), Belgium (6.8 kg),
Luxembourg (6.5 kg), and Canada (6.2 kg).
The Coca-Cola Company
The Coca-Cola Company, created in Georgia in 1886, is the
world’s largest beverage corporation, offering
over 500 brands to consumers in 200 countries. Until the 1960s,
the company offered one beverage, Coke,
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https://www.coca-cola.com/
and aimed it at the entire soft drink market. Today, the beverage
behemoth offers hundreds of products to
market segments based on diverse consumer preferences for
flavors, calories, and caffeine content. Although
the company has diversified its product lines, Coke remains the
industry leader. A sample of the different
products, brands, and flavors offered by Coca-Cola in the U.S.
market is shown in Table 1.
Table 1. Coca-Cola Product Portfolio
Flavor/type Brand Name
Cola Coca-Cola (Coke)
Diet/sugar-free cola
Diet Coke/Coca-Cola Light Tab
Coca-Cola Zero Sugar
Coca-Cola Life
Caffeine-free cola Caffeine Free Coca-Cola
Cherry-flavored cola Coca-Cola Cherry
“Pepper” style
Mr. Pibb
Pibb Xtra
Orange

Fanta
Minute Maid
Simply Orange
Royal Tru Orange
Lemon-lime
Sprite
Lemon & Paeroa
Other citrus flavors
Mello Yello
Vault
Fresca
Lift
Lilt
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Ginger ale Seagram’s Ginger Ale
Root beer Barq’s
Cream soda Barq’s Red Creme Soda
Juices
Minute Maid
Fruitopia
Simply Orange
Iced tea
Gold Peak Tea
Fuze
Sports drinks
Powerade
Aquarius
Vitamin Water
Energy drinks
Full Throttle
NOS
Relentless
Burn

Bottled water
Dasani
Kinley
Smartwater
Source: Coca-Cola Website (https://www.coca-
colaproductfacts.com/en/products/)
In the last decade, Coke’s market share has risen from 17.3% to
17.8%, while its main rival’s, Pepsi, has
dropped from 10.3% to 8.4%, according to trade publication
Beverage Digest. Diet Coke and Diet Pepsi have
both lost ground, but Diet Coke is still far ahead (Beverage
Digest, 2019). Coke and Pepsi have fought over
the past decade to win market share from one another, as overall
sales dropped. As summarized in Table 2,
Coca-Cola had a net revenue of USD 35.4 billion in 2018.
That’s a 15% drop in revenues from the previous
year. Profits suffered as well and plummeted by a whopping
USD 5 billion, or 80%.
Table 2. Coca-Cola’s Rank, Revenues, and Profits (2016-2018)
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https://www.coca-colaproductfacts.com/en/products/

Year Rank Revenues (USD million) Profits (USD million)
Assets (USD million) Employees
2018 87 35,410 1,248 87,896 61,800
2017 64 41,863 6,527 87,270 100,300
2016 62 44,294 7,351 90,093 123,200
Source: Fortune Magazine (www.fortune.com/fortune500/coca-
cola/)
It’s a tough time for carbonated soft drinks (CSD) sellers. Soft
drinks sales have been in decline as soda
consumption is at a 32-year low. Coke and Pepsi have both
posted negative yearly sales changes for the last
15 years. And there is no salvation with the use of the word
“Diet.” Health experts have for years rejected the
perception that diet soda is a healthy alternative. The long-term
outlook is that the diet market will continue to
get smaller. Today, consumers are distancing themselves not
just from sugar-sweetened drinks but also from
artificial sweeteners. Besides emerging consumers’ health
consciousness, Coca-Cola has also been dealing
with the mounting threats of city soda taxes and warning labels.
San Francisco, for instance, has passed a
law to add a warning label to CSD products. The label reads:
“WARNING: Drinking beverages with added
sugar(s) contributes to obesity, diabetes, and tooth decay. This
is a message from the City and County of San
Francisco” (Steinmetz, 2015). When Philadelphia levied a tax
on sugary drinks and soda in 2017 (USD 0.015
per ounce tax), sales of those beverages fell by approximately
50% in the first year (Sorto, 2019). In brief, the

two top players in beverages, Coke and Pepsi, battle for a
shrinking market as customers are turning away
from sugary drinks and empty calories, and cities are imposing
soda taxes.
The Costa Acquisition
Although Coca-Cola has been in business for 130-plus years and
offers hundreds of products and brands
to billions of customers around the globe, the company has
never had a hot drink in its product mix. This
changed overnight when the U.S. cola titan announced
purchasing Costa Coffee on August 31, 2018, in a
surprise acquisition. Coca-Cola paid a hefty GBP 3.9 billion or
USD 5.1 billion to purchase the British coffee
company; a price that analysts argue was on the high side. Why
was Coke willing to overpay to have instant
access to a global coffee platform? It was because soda sales
were down, and coffee consumption was on
the rise (Mulier, 2018). Coca-Cola’s profits had dropped from
almost USD 9 billion in 2013 to USD 1.2 billion
in 2018, so expanding into the more profitable and promising
hot beverage industry had become more of a
necessity than a luxury at that point (Video 2).
Watch Video 2: The Costa Deal, which gives James Hofmann’s
4 thoughts on the Costa deal.
While U.S. consumers might not be conversant with this UK-
based coffeehouse, Costa has almost 4,000
stores, and is the third largest coffee seller in the industry
(behind Starbucks and McDonald’s). Costa Coffee
was founded in London in 1971 by two Italian immigrant
brothers, Bruno and Sergio Costa, as a wholesale
operation supplying roasted coffee to caterers and specialist
Italian coffee shops. In 1978, the Costa brothers

opened their first coffee shop in Vauxhall Bridge Road, London.
The concept was successful, and the two
entrepreneurs kept adding stores across the UK. In 1995, the
business was acquired by Whitbread, a British
company that owns and operates hotels, for GBP 19 million
when it had only 39 shops. By August 2018,
Costa had 3,882 stores in 32 countries across Europe, Asia, and
Africa.
The acquisition instantly provided Coca-Cola a strong coffee
platform across parts of Europe, Asia Pacific,
the Middle East, and Africa. By acquiring Costa, Coca-Cola
adopted a new growth strategy by adding retail
footprints in these parts of the world. Costa leads in the British
market with almost 2,500 stores (Starbucks has
335 stores). The company is also doing relatively well in China
with almost 460 stores. Although Starbucks
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http://www.fortune.com/fortune500/coca-cola/
https://www.youtube.com/watch?v=Gt_omzmOxp0
is dominating the Chinese market with 3,600 stores and has
plans to add an additional 2,400 outlets by
2022, the Seattle-based company cannot undermine the
ramifications of competing with the largest global
beverage company in such an important market. The
combination of Costa’s coffee capabilities and Coca-

Cola’s marketing and distribution expertise cannot be
overlooked by any player in the coffee industry. Costa
Coffee is the number one coffee shop brand in the UK, and has
been named the nation’s favorite coffeehouse
for the past nine years. Costa’s acquisition by Coca-Cola is also
arguably a direct challenge to the dominance
of Starbucks in the United States, even though the British coffee
chain does not have a single store in the
United States. It is noteworthy that the deal includes 8,000-plus
fresh espresso-based vending machines,
called Costa Express, which can be found in supermarkets,
movie theaters, and sports venues (mostly in
Europe).
The deal closed in January 2019, when European Union
regulators and the Chinese government approved
the acquisition. Whitbread stated it will use proceeds from the
sale of the coffee business to plug a £350 m
pension black hole, pay off debt, return cash to shareholders,
and expand its other big brand, Premier Inn
hotels. Coca-Cola did not waste any time and announced it is
launching a full line of ready-to-drink (RTD)
Costa products in the coming months. The global RTD tea and
coffee market size is expected to reach USD
135 billion by 2024, rising at a market growth of 8.4% (Arthur,
2019). Costa cold coffee and tea cans and
bottles will be available wherever Coke is sold, such as at
supermarkets, discount stores, vending machines,
restaurants, airports, and sporting events. Although the
possibilities are endless for Coca-Cola and Costa,
only time will tell if Costa is a good fit. Many stakeholders are
anxious to see how the acquisition turns out.
What Else is Brewing?
Coca-Cola’s move into coffee is part of a rising trend from CSD

manufacturers who are trying to find ways
to thrive as consumers move away from sugary and unhealthy
drinks. The situation gets worse as states
and cities are contemplating imposing soda and sugar taxes.
Such a move instantly places Coca-Cola in
direct competition with prominent and well-established coffee
sellers like Starbucks, Dunkin’ Donuts, and
McDonald’s in a global market that is growing at a wild pace, in
contrast with that of its conventional business.
Coke’s surprise move is not that strange as many beverage
companies have been undertaking acquisitions
recently to join markets that seem to have better prospects. The
bottom line is that the global beverage
industry is diversifying into hot and cold tea and coffee, as
health-conscious consumers turn away from sugary
drinks to enjoy custom-made flavored waters and barista-quality
coffee at home or on the go. A good example
is the 2018 merger of Dr. Pepper Snapple and Keurig Green
Mountain (McGrath, 2018). Also, Nestle and
Starbucks have reached a USD 7.2 billion global coffee
alliance, giving Nestle the ability to sell and distribute
Starbucks products outside its stores worldwide. On a different
front, JAB, the Luxembourg-based holding
company that owns brands like Krispy Kreme and Peet’s Coffee,
bought UK sandwich and coffee chain, Pret
A Manger in May 2018.
Coke’s historic chief rival, Pepsi, has announced that it is
purchasing the Israeli do-it-yourself carbonation
company, SodaStream. The company manufactures a small
appliance that carbonates water by adding
carbon dioxide from a pressurized cylinder to create drinkable
soda water. SodaStream has taken advantage
of the growing market for seltzer beverages and has managed to
grow its customer base from 4.5 million
in 2012 to 12.5 million customers in 2018. Seltzers do not have

sugar and are calorie-free, thereby giving
consumers drinks that are healthier than traditional soda drinks.
Additionally, do-it-yourself carbonated drinks
can be tailored to individual tastes with different fruits and
flavors added to the water. This product appeals
to consumers who are considering healthier, more
environmentally friendly styles of cold beverages by
eliminating plastic bottles and packaging.
Coca-Cola is also tinkering with two exotic product lines, liquor
and marijuana. The company is launching
a new product line meant to be mixed with whisky, rum, and/or
bourbon (Ritschel, 2019). And in a more
unorthodox business move for Coke, the company is
investigating the cannabis business. Making drinks
infused with cannabidiol (CBD), the non-psychoactive chemical
found in marijuana plants, is on the beverage
company’s radar (Hale, 2018). Venturing into that market is not
farfetched as more states continue to legalize
marijuana.
While the business of fizzy soft drinks continues to struggle,
Coke is meeting the challenge head on by
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https://www.pret.com/en-us
https://www.pret.com/en-us
https://sodastream.com/

exploring opportunities in coffee, liquor, and pot! The beverage
war continues. What will happen next?
Discussion Questions
• 1.
Why did Coca-Cola buy Costa? And why now?
• 2.
Discuss the Ansoff Matrix growth strategies: market
penetration, market development, product
development, and diversification. Which strategy is Coca-Cola
using for Costa Coffee?
• 3.
Costa has zero footprint in the United States. Do you think this
will change?
• 4.
Coca-Cola and Pepsi have been engaged in something known as
the Cola Wars for over 100 years.
Do you foresee a similar battle—“Coffee Wars”—brewing
between Coca-Cola and Starbucks?
• 5.
Pepsi is known for mirroring Coca-Cola’s ventures globally.
How do you think Pepsi will respond to
the Costa acquisition?
• 6.
Do you think Coca-Cola should rebrand Costa Coffee as Coke
Coffee or something along those
lines?
Notes

1. The word coffee comes from Kaffa, a region in Ethiopia
where coffee beans may have been discovered.
2. Shultz is considering entering the U.S. 2020 presidential race
as an independent.
3. Italian for “the newspaper”.
4. James Hofmann is a British coffee enthusiast and author of
The World Atlas of Coffee: From Beans to
Brewing -- Coffees Explored, Explained and Enjoyed.
References
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a8896876.html
https://www.telegraph.co.uk/travel/maps-and-
graphics/countries-that-drink-the-most-coffee/
https://www.cnn.com/2019/05/15/health/philadelphia-soda-tax-
sales-decrease/index.html
http://time.com/3915485/san-francisco-soda-warning-label/
http://dx.doi.org/10.4135/9781529724554Coca-Cola Brews a
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