Nestle's KitKat signs Formula 1 deal as CEO Freixe seeks broader appeal [CNBC]
NESTLE S.A S/ADR (NSRGY)
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Source: CNBC
A senior executive told Reuters exclusively that the Formula 1 deal had been struck to cover the period between late 2025 and 2028, and the aim was to improve KitKat's global reach and appeal to shoppers under 30 years old. Through the deal that will start in Mexico and Brazil, Formula 1 racetracks and pit lanes will have KitKat advertising and events, chocolate wrappers will have Formula 1 branding, and Nestle will give away hundreds of race tickets. 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. ?(The deal is) a key part of our strategy to move from what's a very local model today, very fragmented,” said Chris O'Donnell, KitKat's global category leader, declining to disclose the monetary value of the deal. KitKat's global marketing budget has risen nearly 20% so far this year, and the brand is valued at over 2 billion
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