April 23 - 1985 - New Coke is Introduced
By the mid-1980s, the Coca-Cola Company was losing market share, facing dwindling sales in stores, and standing as the second choice cola to Pepsi among younger consumers. So the Coca-Cola Company, particularly President Roberto Goizueta, decided to change the formula for Coca-Cola. Backed by extensive market research and a whole hearted commitment from the company leadership, a new sweeter formula, best known as New Coke, was introduced on April 23, 1985. It turned out to be a disaster. Consumers were angry and organized boycotts. Many people just informally decided not to have the new formula. Angry calls and letters informed Coca-Cola that the choice to make New Coke was a drastic mistake. After just 77 days, in the middle of July, Coke went back and reintroduced what was now "Classic Coca-Cola." Remarkably, after that, Coca-Cola's sales increased and improved the company's fortunes. New Coke would later become Coke II, and was finally discontinued in 2002.