05 April, 2017
Warren Buffett's face will appear on cans of Cherry Coke in China. The company cited Buffett's popularity among Chinese people and investors as the reason why it decided to make him the face of Cherry Coke in the country.
Berkshire Hathaway, the investment company owned by Buffett, holds 9.3% of Coca-Cola stocks, worth about $17 billion, according to Bloomberg. The investor will not be paid for the promotion Buffet once said that he was "one-quarter Coca-Cola", admitting that he drinks five cans of Coke a day.
It's a different story in China, where Cherry Coke went on sale for the first time last month. "I was in the right place at the right time as the Chinese looked around for famous investors", Buffett told Yahoo Finance. For a brand that usually carries images of athletes or pop stars, an octogenarian billionaire may seem an odd choice. Jack Ma is the billionaire founder of e-commerce giant Alibaba.
"Cherry Coke using Warren Buffett is a pretty authentic choice", he said.
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"We honestly were surprised when Mr. Buffett agreed to the idea". "But we're thrilled, and he's selling well".
And an estimated 3,000 Chinese investors flocked to the Oracle of Omaha's hometown to attend Berkshire Hathaway's annual shareholders meeting a year ago.
Buffett is also an admirer of the economic prowess of China. Last year, more than 3,000 Chinese investors traveled to the meeting and the webcast of meeting only had translation in Mandarin.