PURCHASE, N.Y. and PITTSBURGH, Nov. 8, 2010 /PRNewswire/ — PepsiCo, Inc. (NYSE: PEP), one of the world's largest food and beverage businesses, and GNC, the nation's leading specialty retailer of nutritional products for the active consumer, today announced they have signed a joint venture agreement to develop and sell fortified coconut water products under the newly created Phenom brand name. The products are expected to be available during the second quarter of 2011 at GNC locations nationwide and on gnc.com exclusively prior to a wider release in other leading retail outlets in the United States.
The Phenom joint venture follows the successful retail launch of PepsiCo's Gatorade G Series Pro at GNC stores in May 2010.
The Phenom (pronounced fee-nom) line will address the growing demands of health-conscious consumers for natural products that help them with their daily regimen.
This brand further demonstrates PepsiCo's unwavering commitment to innovation around the evolving needs of consumers – with a particular focus on health and wellness.
"Phenom is perfectly positioned at the intersection of health and wellness and natural hydration," said Massimo D'Amore, CEO of PepsiCo Beverages Americas. "This is an exciting new phase of our relationship with GNC. As our partner, they are a strong brand and provide well recognized capabilities in the health and wellness space. Phenom will leverage these strengths in combination with PepsiCo's scale and leading coconut water know-how. We see a bright future for the Phenom initiative, by meeting the growing needs of US consumers with a great-tasting beverage."
Coconut water is a natural electrolyte beverage. Formed naturally inside the shells of coconuts, it is also low in fat and calories and is a good source of Vitamin C and heart healthy potassium.
PepsiCo has been expanding its presence in the health and wellness sector – most recently with the announcement of its Global Nutrition Group – and this joint venture with GNC marks another important step in that direction.
"This is the first time GNC has joined forces with a leader in the food and beverage industry to introduce a new line of products, and we are delighted to have PepsiCo as our partner," said Joe Fortunato, CEO of GNC. "Coconut water has been recognized as one of the fastest growing categories in the beverage industry, and we believe this joint venture represents an exciting opportunity to launch a fortified and differentiated line of coconut water products. We believe the combination of PepsiCo's strong capabilities in the global consumer beverage market with GNC's vitamin and mineral capabilities will uniquely position the Phenom brand of coconut water in the health and wellness market."
PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 19 different product lines that each generates more than $1 billion in annual retail sales. Our main businesses – Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade – also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in more than 200 countries. With annualized revenues of nearly $60 billion, PepsiCo's people are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. For more information, please visit www.pepsico.com.
GNC, headquartered in Pittsburgh, Pa., is a leading global specialty retailer of nutritional products including vitamin, mineral, herbal and other specialty supplements and sports nutrition, diet and energy products. As of September 30, 2010, GNC has more than 7,100 locations, of which more than 5,500 retail locations are in the United States (including 897 franchise and 1,983 Rite Aid franchise store-within-a-store locations), and franchise operations in 45 countries. The Company – which is dedicated to helping consumers Live Well – also offers products and product information online at www.gnc.com.