"I think we all can all do more," James said, when it comes to issues related to social justice and closing the wealth gap. He has also involved in More Than A Vote, a group backed by athletes to combat voter suppression. His foundation's philanthropic endeavors include The I Promise School in his former hometown, Akron, Ohio. "Pretty much all the partnerships and things that I do at this point has always something to do with my foundation and making sure we continue to highlight my community and other communities that need a voice, need an opportunity," James said. Pepsi will work with him on issues related to education, social justice and initiatives in underserved communities. It said James is the first athlete to launch an entirely new brand, and the partnership uses a new model to support James beyond being just an athlete. Pepsi would not comment on the value of its deal. "He's got his hands in a lot of buckets now in media, sports and entertainment, and that becomes a much more powerful asset when it comes to reaching young consumers," said Stanford. It's not known how much the deal was worth but for perspective, Nike's deal with James is worth more than a billion dollars. Stanford said it's likely Coca-Cola couldn't justify the cost of working with James. "But when this opportunity came about, it was perfect timing for us to move on." "I had an unbelievable ride with Coke and I still have some some great friendships over there, and that's going to last forever," James said. In addition to cutting more than 2,000 jobs, Coke slashed its global drink portfolio from 430 brands to 200, retiring brands like Tab soda and its smoothie business. ![]() At the time, Coke said it was looking to invest in places that ensured long-term growth. The company's sales were hurt as fewer consumers were going out to restaurants, sporting events and movie theaters. The decision came as Coke was reevaluating its finances in response to the pandemic. Last September, he mutually agreed to part ways with Coca-Cola. During his time with the company, he helped market Sprite and Powerade by appearing in many commercials and even introduced a limited-edition flavor. James was an 18-year-old phenom when he signed his deal with Coke and began working with its Sprite brand. Pepsi also has relationships with NBA stars Zion Williamson and Joel Embiid. Pepsi took over the relationship with the NBA in 2015, after Coke had partnered with it for nearly three decades. Mtn Dew will remain the title sponsor of the 3-point contest during All-Star Weekend. In March, Pepsi renewed its sponsorship with the NBA as the official soft drink of the league. "It gives you an indication of just how serious they are about energy, but also the extent to which they think LeBron can really help them." "Energy is a major priority right now for PepsiCo, and they have basically pulled out all the stops by signing LeBron," said Stanford. Laguarta said it was too soon to say whether it was bringing new consumers into the category, but the brand's revival was encouraging. During its first-quarter earnings call, Pepsi CEO Ramon Laguarta said Rockstar's sales are growing again after years of flat or declining demand. It acquired Rockstar Energy for $3.85 billion in March 2020, and early results have been positive. ![]() The category's leader by volume is Monster Energy, which is distributed by Coke. The category is seen as the next frontier for Coke and Pepsi, since soda consumption has waned as people have become more health conscious. "It's a category that is growing significantly," said Duane Stanford, editor and publisher of Beverage Digest. ![]() "But we believe there's more room."Īccording to Euromonitor, energy drinks generated $14.15 billion in retail sales last year. "We know it's a crowded category," James said. The Los Angeles Lakers star will be its face alongside other influencers who will named over time. The brand is being pitched as a way to "kick off the morning with a mental boost, immune support, and zero grams of added sugar." It comes in six fruity flavors, including Berry Blitz, Peach Mango Dawn and James' favorite, Pomegranate Blue Burst. It contains roughly the same amount of caffeine as two cups of coffee and is packed with vitamins. Personal Loans for 670 Credit Score or Lowerįor everyone else, Pepsi executives hope that Mtn Dew Rise differentiates itself enough to stand out. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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