LONDON — Nestle's KitKat brand has signed a global sponsorship deal with Formula 1 as new Chief Executive Laurent Freixe seeks to change the way the world's biggest food company markets its core, multi-billion-dollar brands.
Packets of Kit Kat chocolate covered wafer bars manufactured by Nestle are seen in London, Britain, July 25, 2018.LONDON — Nestle's KitKat brand has signed a global sponsorship deal with Formula 1 as new Chief Executive Laurent Freixe seeks to change the way the world's biggest food company markets its core, multi-billion-dollar brands.
The deal marks a major shift for Nestle. In its nearly 160-year history, the world's biggest food company has never signed a global marketing deal, and has instead relied on country-by-country agreements. "We're now back to pre-Covid levels of investment . That's a significant change, and we anticipate to keep investing behind the brands," he said.
Schneider was ousted in August following several quarters of weak sales volumes after the company cut back on innovation and marketing to save on costs during a period of high prices. Shoppers switched to cheaper or more differentiated brands, eating into market share.
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