Billionaire Warren Buffet becomes face of Coke in China

By
AFP
|
Billionaire Warren Buffet becomes face of Coke in China
A cartoon likeness of US billionaire Warren Buffett adorns Cherry Coke bottles in a Beijing convenience store. AFP

BEIJING: The likeness of billionaire Warren Buffett is gracing Cherry Coke cans in China, where the company´s largest investor enjoys a legendary reputation.

Coca-Cola announced over the weekend that a grinning cartoon portrait of the American business magnate would adorn cans and bottles of his favourite flavour after it was introduced in the country on March 10.

Berkshire Hathaway, Buffett´s investment firm, is Coca-Cola´s biggest shareholder with a 9.3 percent stake valued at about $17 billion.

"Incidentally, there is no compensation involved," Buffett told Yahoo Finance of the use of his image for "a limited promotional period."

The 86-year-old investor and philanthropist has been photographed on numerous occasions taking a swig of Cherry Coke, earning him the title of "best-known fan" from Coca-Cola chief executive Muhtar Kent.

In Communist-ruled China, where Chairman Mao portraits are as ubiquitous as brand-name logos, Buffett´s business acumen has made him a celebrity and inspired thousands of Chinese investors to reportedly flock to Omaha, Nebraska, for Berkshire Hathaway´s annual meeting last year.

While the meeting was live-streamed around the world, simultaneous translation was only offered in Mandarin.

Buffett has, in turn, lauded China´s "totally miraculous" growth.

As for his enduring appreciation of Cherry Coke -- he invested in Coca-Cola as early as 1985 -- Buffett admitted in his shareholders´ letter last February that he consumes enough Coke and candy "to satisfy the weekly caloric needs of an NFL lineman."

"There´s nothing like eating carrots and broccoli when you´re really hungry," he added, "and want to stay that way."