Goldman, who was working in marketing and sales, but looking for entrepreneurial opportunities, had given an investment presentation in New York City.
The second was the organic farmers who grow tea leaves and organic sugar or spices that we’ve worked with over the years.” Flashback to 1997 “My first thought was of the team that put so much passion into building the brand. Since I’m not in normal contact with them, I had a sense that something was coming,” Goldman said. “I got a text from a former colleague there asking if I was available to talk to leadership on Monday morning for an urgent matter. He sold his last remaining stake in 2017. Goldman, 56, who has many other pokers in the fire, all of which are run out of Bethesda, suffers no monetary loss from Coke’s Honest Tea demise. (Coca-Cola has not abandoned Honest Kids, a healthy juice drink line that is now included in McDonalds Happy Meals.) It did not break out tea sales by brand.Ĭoca-Cola bought a 40% stake in Honest Tea in 2008, and then bought the company outright in 2011.
Honest Tea will be phased out by the end of 2022.Ĭoca-Cola reported an 8% year-over-year growth in bottled tea sales in the first quarter. But it is an abrupt end for an otherwise popular, mission-driven brand that has sold more than a billion bottles.Ĭoke cited prioritizing fewer, bigger brands with the greatest potential for scale and profitable growth, and is throwing all its weight behind its two other ready-to-drink tea lines, Gold Peak and Peace Tea. Honest Tea’s story is the stuff entrepreneurs are made of - from an idea, to a small company, to a major corporate acquisition in the course of just a few years. When Coca-Cola announced it would cease production and sales of its organic tea line Honest Tea, Bethesda businessman Seth Goldman called it a “gut punch.” Business & Finance Click to expand menu.
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