Coca-Cola's CEO explains why its $5 billion bet on a coffee chain hasn't worked out as planned
Coca-Cola's foray into coffee is losing its buzz. Now, the drink giant is rethinking its approach, its CEO said. Seven years ago, Coke paid about $5.1 billion for Costa Coffee, a UK-based chain of coffee shops. While Coca-Cola didn't have a lot of experience operating cafés, the deal gave the company a foothold in the coffee industry, which it viewed as a key growth area.Coca-Cola CEO James Quincey said on the company's earnings call on Tuesday that "the investment hypothesis didn't work out as we expected ...