Coors Molson announced on Tuesday that they are producing a new product called Coors Light Iced T and will be shipping cans and aluminum bottles by April. The product will be exclusive to Canada but US shipments could be possible depending on its success.
Like Bud Light Platinum, the company is using the Coors Light moniker for the name to generate more appeal. Coors Light is Molson Coors’ top selling product.
Described as “Coors Light with a refreshing taste of iced tea”, the product is the result of the company jumping on the malternative band wagon as wine and spirit sales continue to dent the struggling macro beer market. According to a article in the Huffington Post, Molson Coors executives said during a meeting with analysts that the new product should help spur sales so the company can put less reliance on cost-cutting to drive its profit.
Molson Coors’ CEO, Peter Swinburn, said that the company is putting “significant investment into the new brand, complete with a multi-platform media launch.”
“Someone else is eating our lunch in the alcohol space,” added Swinburn. The company hopes to win back the customers who have been veering to wine and cocktails.
Molson shares were down $1.19, or 2.7 percent, at $42.16 on the New York Stock Exchange in late trading, according the Huffington Post.
I think they should just bring back the Twins if they want to get customers back. Screw ice tea…