Coca-Cola Co. is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, it said on Tuesday, seeking to mount a stronger challenge to PepsiCo’s Gatorade.
Coca-Cola’s investment in BodyArmor—which will make it the brand’s second largest shareholder—comes as its Powerade drink steadily cedes market share to Gatorade. Coke has also been rattled by falling demand for its trademark fizzy drinks.
