Executive Summary
The Coca-Cola Company stands as the longest-standing corporate partner of the Olympic Movement, having supported every edition of the Olympic Games since 1928. The Los Angeles 2028 Olympic and Paralympic Games will mark an unprecedented 100-year anniversary of this partnership, presenting a unique opportunity for commemorative activations and brand storytelling.
In 2019, Coca-Cola and China Mengniu Dairy Company established the first-ever Joint TOP Partnership Agreement, combining the non-alcoholic beverage and dairy categories into a unified sponsorship through 2032. This $3 billion deal represents one of the largest sponsorship agreements in sports history and demonstrates the IOC's continued expansion into Asian markets.
Key Highlights for LA28:
Coca-Cola will celebrate its centennial Olympic partnership with extensive activations planned over the six months leading to LA28, culminating in celebrations during the Games. The company maintains a 40% share of the global non-alcoholic beverage market, significantly outpacing competitor PepsiCo (30%). Leadership transition is underway with Henrique Braun succeeding James Quincey as CEO effective March 2026, ensuring continuity through LA28. WPP Open X serves as the global marketing network partner, with Ogilvy leading creative development.
1. Olympic History & Marketing Presence
1.1 Coca-Cola's Century-Long Partnership
Coca-Cola's Olympic journey began at the 1928 Amsterdam Games when an enterprising bottler shipped 1,000 cases of Coca-Cola on the same freighter carrying the U.S. Olympic team. What started as simple beverage sales at kiosks around Olympic venues has evolved into the longest continuous corporate partnership in Olympic history.
Partnership Milestones
1.2 Iconic Campaign Evolution
Coca-Cola's Olympic marketing has evolved through several distinctive eras, each building on the brand's core message of unity and refreshment.
Historic Campaigns: The 1971 "I'd Like to Buy the World a Coke" campaign set the foundation for Coca-Cola's positioning around global unity. The "Open Happiness" platform (2009-2016) preceded the current "Real Magic" brand philosophy launched in 2021.
Current Platform - "Real Magic" (2021-Present): This platform emphasizes unexpected moments of togetherness between people. The iconic "hug" logo design wraps around bottles, symbolizing connection. For Paris 2024, the campaign theme "It's Magic When the World Comes Together" featured athletes embracing competitors.
1.3 Recent Games Activations
Paris 2024: The "Celebrate Everyday Greatness" campaign featured Team Coca-Cola athletes including Simone Biles (POWERADE), Katie Ledecky (Core Power), and Sha'Carri Richardson. Activations included the Olympic Torch Relay as Presenting Partner, limited-edition "hug" can packaging, food festivals, and partnerships with NBCUniversal and CBC for North American broadcasts.
Milano Cortina 2026 (Winter)
Coca-Cola is running a comprehensive activation at the Winter Games:
- "Refresh Like a Champion" campaign: Celebrating seven Team Coca-Cola athletes including Madison Chock and Evan Bates (figure skating), Kendall Coyne Schofield (hockey), Brenna Huckaby (Para snowboarding), Erin Jackson (speed skating), Malik Jones (Para sled hockey), and Ilia Malinin (figure skating).
- Interactive Coca-Cola Pavilion: Immersive space in central Milan celebrating sport, culture, and sustainability through digital installations and inclusive activities. Smaller versions in Cortina and Livigno.
- Olympic Torch Relay: Coca-Cola is a presenting partner, transforming more than 60 relay locations into vibrant celebrations with 10,001 torchbearers.
- #YouthEmpowered program: Supporting young Italians (ages 16-30) in developing employment skills, including the Coca-Cola Horeca Masterclass offering training, scholarships, and job shadowing during the Games.
- Sustainability: All beverage bottles produced in 100% rPET (excluding cap and label), supported by a "bottle-to-bottle" collection and recycling system with local partners.
- Fan engagement in the U.S.: Sweepstakes and capsule collection, in-store activations, digital experiences, and video content with QR-code-scannable products.
PyeongChang 2018: Marked the 90th anniversary of partnership. Campaign theme "Together as One" featured interactive vending machines, Coke Lounge in Olympic Villages, and sustainability water replenishment programs.
Tokyo 2020: Coca-Cola Placard Bearers promoted diversity and inclusion at the Opening Ceremony despite pandemic restrictions limiting spectator activations.
1.4 The Joint Partnership with Mengniu
On June 24, 2019, the IOC, Coca-Cola, and China Mengniu Dairy announced the first-ever Joint TOP Partnership Agreement. This unprecedented structure combines non-alcoholic beverages and dairy into a single sponsorship category.
Deal Structure: The 12-year agreement (through 2032) is valued at approximately $3 billion, covering six Olympic Games: Beijing 2022 (Winter), Paris 2024, Milano Cortina 2026 (Winter), LA28, 2030 and 2032. Rights extend to Paralympic Games, Youth Olympic Games, and the Olympic Torch Relay.
Strategic Rationale: For Mengniu, the partnership serves as a catalyst for international growth, positioning the company among the world's top dairy producers. The deal marked Mengniu as the first Chinese FMCG company to join the TOP Programme.
2. LA28-Specific Initiatives
2.1 100th Anniversary Celebration Plans
The LA28 Games represent a once-in-a-century milestone for Coca-Cola's Olympic partnership. Planning for centennial celebrations is already underway with the following confirmed elements:
Pre-Games Rollout: Events will unfold globally over 6 months leading up to the Games, telling the story of the 100-year partnership through historical archives, athlete stories, and community activations. A grand finale celebration is planned during the Games themselves.
Torch Relay: As Presenting Partner for over 30 years, Coca-Cola will continue its tradition of selecting torchbearers and activating along the relay route. LA28 CEO Reynold Hoover has announced plans for a 50-state torch relay, a first in Olympic history, with a tentative April 2028 start date. Hoover described the relay as "the thread that's going to bind the nation to L.A. and California" and "a way that we are going to unify the world."
Venue Activations: LA28 will use a dual-venue Opening Ceremony shared between the LA Memorial Coliseum and SoFi Stadium (officially "2028 Stadium" during the Games), an unprecedented format announced in May 2025. The Coliseum will host the Closing Ceremony, earning the distinction as the first venue in history to host events at three Olympic Games (1932, 1984, 2028). Athletics moves to Week 1 at the Coliseum, with SoFi Stadium reconfigured for swimming in Week 2, creating the largest swimming venue in Olympic history (38,000 capacity). Coca-Cola activations will be present across all 40+ competition sites.
2.2 Team USA Athlete Relationships
The Coca-Cola Company maintains partnerships with elite athletes across its brand portfolio. For North American campaigns, athletes are typically aligned with specific brands within the portfolio:
Team Coca-Cola (Paris 2024): Global roster announced under the "Celebrate Everyday Greatness" theme. Named athletes included Olympic champions Athing Mu (Track & Field, USA) and Emma Twigg (Rowing, New Zealand), alongside rising star Mathilde Gros (Cycling, France).
North America Campaign Athletes (Paris 2024): Featured a deep roster of U.S. and Canadian athletes, aligned to specific Coca-Cola portfolio brands: - Simone Biles (Gymnastics, USA) - POWERADE - Katie Ledecky (Swimming, USA) - Core Power - Sha'Carri Richardson (Track & Field, USA) - Coca-Cola - Alex Morgan (Soccer, USA) - Coca-Cola - Alyssa Naeher (Soccer, USA), Anna Hall (Track & Field), Brooke Raboutou (Sport Climbing), Bobby Finke (Swimming), Jordyn Barratt (Skateboarding), Katie Grimes (Swimming), Roderick Townsend (Para Track & Field), Tatyana McFadden (Para Track & Field) - various portfolio brands - Canadian athletes: Aaron Brown (Track & Field), Kadeisha Buchanan (Soccer), Maude Charron (Weightlifting), Penny Oleksiak (Swimming), Sean McColl (Sport Climbing)
Milano Cortina 2026 "Refresh Like a Champion" Campaign: Seven Team Coca-Cola athletes including Madison Chock and Evan Bates (Figure Skating), Kendall Coyne Schofield (Hockey), Brenna Huckaby (Para Snowboarding), Erin Jackson (Speedskating), Malik Jones (Para Sled Hockey), and Ilia Malinin (Figure Skating).
2.3 Sustainability Initiatives
World Without Waste: Coca-Cola's flagship sustainability program targets: making all packaging 100% recyclable, incorporating 30-35% recycled material by 2035 (revised from 50% by 2030), and partnering to collect 70-75% of bottles and cans sold annually.
Olympic Venue Recycling: Coca-Cola has implemented closed-loop stadium recycling systems at venues including Crypto.com Arena (gymnastics/boxing venue for LA28) and the Rose Bowl. In 2023, the company captured over 60 million pounds of PET and aluminum bottles through these programs.
Paris 2024 Results: The Paris Games achieved a 52% reduction in single-use plastic (by weight) and 70% reduction in single-use plastic bottles compared to London 2012, using reusable cups, returnable glass bottles, and drink fountains. These learnings will inform LA28 activations.
3. Executive Leadership & Decision-Makers
3.1 The Coca-Cola Company Leadership
- James Quincey: Chairman and CEO (CEO since May 2017, Chairman since April 2019). British national. Oversaw the Mengniu joint TOP partnership and current Olympic strategy. Will transition CEO role to Henrique Braun effective March 2026.
- Henrique Braun: President and COO (since October 2024). Will succeed Quincey as CEO effective March 2026, becoming the company's first Latin American-born CEO. Previously President, International Development. Will oversee LA28 activation as CEO.
- Manolo Arroyo: Global CMO (since 2020). Expanding to Chief Marketing and Customer Commercial Officer effective March 2026 as part of the leadership transition. Oversees "Real Magic" brand platform and Olympic marketing activations including WPP Open X relationship.
- John Murphy: President and CFO
- Monica Howard Douglas: General Counsel and Chief Policy Officer
3.2 China Mengniu Dairy Leadership
- Gao Fei: CEO, China Mengniu Dairy (since March 2024). Replaced Jeffrey Minfang Lu, who served as CEO from 2021 to 2024. Gao previously served as Executive Vice President.
- Zhang Ping: CFO, China Mengniu Dairy
Note: Mengniu is partially owned by COFCO Corporation (approximately 24% total stake), China's largest food processor. This state-owned enterprise relationship influences Mengniu's strategic direction and international expansion plans.
4. Agency & Creative Partners
4.1 WPP Open X (Global Marketing Network Partner)
In November 2021, following a year-long review of over 200 country pitches, Coca-Cola selected WPP as its global marketing network partner. The custom "Open X" unit was created specifically to serve Coca-Cola's needs, representing the largest marketing partnership in the brand's history.
Partnership Scope: WPP Open X handles global creative duties and media outside of North America. The relationship includes end-to-end creative, media, data, and marketing technology across Coca-Cola's entire portfolio. Partnership was renewed in May 2025.
Key WPP Agencies Involved: - Ogilvy: Creative Network of the Year 2024 at Cannes Lions; leads global campaign development including Olympic activations - VML (formerly VML COMMERCE): Commerce and experiential activations - EssenceMediacom: Global media planning and buying - Hogarth: Production and content adaptation - AKQA: Digital innovation and technology integration
4.2 Other Agency Partners
Publicis Groupe (North America Media): In December 2024, Coca-Cola awarded its North American media business (valued at approximately $700 million) to Publicis, shifting this portion away from WPP's GroupM.
Dentsu: Serves as complementary media partner in selected markets including Japan and Korea.
OpenAI/Bain & Company: Partners on "Create Real Magic" AI platform for consumer engagement and content creation.
4.3 Creative Recognition
At the 2024 Cannes Lions International Festival of Creativity, The Coca-Cola Company was named Creative Brand of the Year for the first time in its history. WPP won Creative Company of the Year, with Ogilvy taking Creative Network of the Year, demonstrating the effectiveness of the integrated partnership model.
5. Competitive Positioning
5.1 Market Share Overview
Coca-Cola holds approximately 43% of the global carbonated soft drinks market, compared to PepsiCo's approximately 25%. In the broader non-alcoholic beverages category (including water, sports drinks, juice, coffee, and tea), the competitive landscape is more fragmented.
5.2 Direct Competitors
PepsiCo: Primary competitor with diversified portfolio including snacks (Frito-Lay), which provides revenue stability. Sports drink competition intensifies with Gatorade vs. POWERADE/BODYARMOR. PepsiCo does not hold Olympic TOP status and has instead focused its sports sponsorship portfolio on the NFL (renewed through 2030s), the UEFA Champions League (through Lay's and Pepsi), and individual athlete endorsements. PepsiCo ended its 10-year Super Bowl halftime show sponsorship after 2022, signaling a recalibration of its sports investment strategy.
Energy Drinks (Red Bull, Monster Energy): Growing category attracting younger consumers. Red Bull has built its brand almost entirely through sports sponsorship (F1, extreme sports, football clubs) but has no Olympic affiliation. Coca-Cola acquired a stake in Monster Energy in 2015 and owns the BODYARMOR sports drink brand.
Dairy Competitors (for Mengniu): Inner Mongolia Yili Industrial Group (primary domestic rival who publicly criticized the Mengniu-IOC deal), Danone, and Nestlé compete in global dairy markets. Yili is a FIFA World Cup sponsor, creating a direct Mengniu vs. Yili rivalry across the two largest global sporting properties.
5.3 Competitive Differentiation
100-Year Heritage: No competitor can match Coca-Cola's century-long Olympic association. This heritage provides unparalleled authenticity and storytelling opportunities. PepsiCo's attempts to enter the Olympic space have been limited to ambush marketing and individual athlete sponsorships.
Total Beverage Company Strategy: Portfolio extends beyond carbonated soft drinks to include: Coca-Cola (flagship), Sprite, Fanta (sparkling); Dasani, smartwater, Topo Chico (water); POWERADE, BODYARMOR (sports); Costa Coffee, Georgia (coffee); Minute Maid, Simply (juice); Fairlife (dairy). This positions Coca-Cola to serve all consumer occasions at Olympic venues, a breadth that PepsiCo cannot replicate within the Olympic ecosystem due to Coca-Cola's category exclusivity.
Key Messaging Pillars: Unity and togetherness; refreshment and celebration; "Real Magic" moments; everyday greatness. Olympic activations emphasize the power of sport to bring people together across cultures and backgrounds.
6. Key Metrics & Business Context
6.1 Financial Overview
- FY2024 Net Revenue: $47.1 billion (approximately flat vs. FY2023 on a reported basis; organic revenue growth of 10%)
- FY2024 Operating Income: $10.8 billion
- FY2024 Earnings Per Share (GAAP): $2.46
- Trailing Twelve Months Revenue (through Q3 2025): ~$47.7 billion
- Q3 2025 Revenue: $11.9 billion (organic revenue +9%)
- Q2 2025 Revenue: $12.4 billion (organic revenue +11%)
- Q1 2025 Revenue: $11.1 billion (organic revenue +6%)
- Market Capitalization: ~$270 billion (February 2026)
- Stock: KO (NYSE); Dow Jones Industrial Average component
- Dividend: 62 consecutive years of annual dividend increases (Dividend King status)
- Global Reach: Operations in 200+ countries and territories, with approximately 2.2 billion servings sold daily
- Currency Headwinds: Strong U.S. dollar has compressed reported revenue growth; organic revenue (which strips out currency and M&A) provides a better measure of underlying performance
6.2 Olympic Sponsorship Investment
TOP Partnership Value: The joint Coca-Cola/Mengniu deal is valued at approximately $3 billion for the 2021-2032 period, covering six Olympic Games. Standard TOP agreements typically amount to around $400 million per four-year cycle.
Paris 2024 Hospitality: Coca-Cola hosted approximately 2,000 guests in Paris with premium experiences including tickets to opening/closing ceremonies, gold medal events, Seine cruises, and exclusive cultural tours.
ROI Metrics: Success measured across brand love scores, sales volume lift, customer engagement, and sustainability/DEI progress. During Paris 2024, 23% of global respondents linked Coca-Cola to the Olympic event (brand association). European volume increased during the Games period.
6.3 Mengniu Financial Context
- Revenue (2023): 98.62 billion yuan ($13.96 billion USD), up 6.5% year-over-year
- Market Position: Ranked among Global Dairy Top 20; leading dairy supplier in China
- Product Portfolio: Liquid milk, yogurt, cheese, ice cream, infant formula. Key brands include Telunsu (premium milk), Yoyi C, and acquired Australian brand Bellamy's.
Appendix: Research Sources
Primary Sources
- International Olympic Committee Official Partner Pages (olympics.com)
- The Coca-Cola Company Media Center and Press Releases
- LA28 Official Website (la28.org)
- China Mengniu Dairy Company Stock Exchange Filings
- WPP Open X Partnership Announcements
Industry Publications
- SportsPro Media - Olympic Sponsorship Coverage
- Marketing Dive - Agency and Campaign Analysis
- The Drum - Creative Industry News
- Sportico - Sports Business Intelligence
- Brand Finance - Brand Valuation Reports
- Beverage Digest - Market Share Data
Financial Sources
- The Coca-Cola Company Investor Relations
- Financial Times - Partnership Deal Valuations
- Statista - Industry Statistics
Report Prepared: January 2026
Classification: Confidential - Internal Use Only