Diageo is withdrawing its Captain Morgan Gold brand from the market, a mere six months after it was launched amid heavy publicity.
The ready-to-drink alcoholic beverage was backed by marketing spend of over $25 million (€25m; £16m), but failed to make a significant impact in what Diageo called a “highly competitive” market.
Abandoning the brand forces the drinks giant to take a $28m hit to its bottom line, on top of a $37m charge caused by poor sales and revealed last month.
It vowed to concentrate resources on Smirnoff Ice, the market leader in the RTD sector.
Data sourced from: The Times (London); additional content by WARC staff