Diageo Maintains Strong Focus On Innovation With Naked Turtle RumMay 10, 2013
In a presentation to investors and analysts yesterday, Diageo global innovation director Syl Saller talked about the company’s emphasis on innovation, as well as one new product the company has high hopes for in the U.S. market—Naked Turtle rum. Saller said that innovation has accounted for more than 50% of Diageo’s net sales value growth over the past five years, and is now responsible for roughly 11% of the company’s total turnover.
Claiming that “innovation is most critical to a developed market like North America,” Saller then alluded to Diageo’s new rum entry. “White rum is obviously a significant opportunity for us, and we are exploring this with the Naked Turtle brand in the U.S. We’ve been in test in three cities since September (2012), and while it’s early days for this brand, we’ve exceeded our initial targets.”
Naked Turtle is “priced at a slight premium to Bacardi,” said Saller, adding that the brand’s “fun in the sun” profile is balanced with a marketing program that promotes the preservation of rare species of turtles around the globe. “You’ll continue to see really fun, really innovative entrepreneurial activities from Naked Turtle,” she said.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.