Coca-Cola responds as Cristiano Ronaldo act wipes off USD 4 billion from company’s market value

 Coca-Cola responds as Cristiano Ronaldo act wipes off USD 4 billion from company’s market value

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Cristiano Ronaldo’s gesture towards Coca-Cola during Portugal vs Hungary press conference has had adverse effects on the beverage company’s brand valuation

Cristiano Ronaldo is a global superstar and anything he does has implications, even off the field. After the Portugal captain asked people to drink water and snub Coca-Cola right at the beginning of his team’s press conference ahead of the Hungary match in Euro 2020, the act was bound to have its implications.

It isn’t a hidden fact that Ronaldo is taking care of his body in the best possible manner. Even at the age of 36, the Portuguese superstar has the ability to compete with players 10 years younger than him. As Ronaldo arrived to attend Portugal’s press conference with manager Fernando Santos, he spotted two bottles of Coca-Cola in front of him and decided to remove them from the camera angle altogether.

Even though Coca-Cola is one of the sponsors of Euro 2020, Ronaldo had no problem in putting a stern message across as he urged everyone to ‘drink water’ instead. Such a suggestion by the global football superstar wiped of a hopping 4 billion US dollars from the brand value of Coca-Cola.

It has been reported that Coca-Cola’s share price dropped from $56.10 to $55.22, taking a 1.6% dip right after Ronaldo’s gesture. This saw the market value of the brand going down from $242bn to $238bn (a drop of $4bn).

Coca-Cola also decided to put in a statement after Ronaldo’s act, saying: “everyone is entitled to their drink preferences” as people have different “tastes and needs”.

A spokesperson of Euro 2020 tournament also shared his views on the matter by saying: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”

Agencies

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