Coral is a RTD premium spirits and cocktail brand.
The company makes 100% agave-based spirits and less carbonated cocktails. The company is looking to add more retailers to expand distribution across Texas. This will set the stage for the launch of the company’s upcoming launch of CoralCruisers - a premium alcohol beverage with natural flavors and agave. The company packages its products in aluminum cans and pouches. Currently, the products are available in 545 locations, and the company plans to expand it to over 1,500 locations by the end of 2023 by seeking to penetrate larger retail chains. The introduction of Coral Cruisers to our product range will play a pivotal role in extending its distribution plan to cover California, Florida, and Louisiana. According to Statistica, the seltzer category is expected to reach a value of $17.24B in 2023. The competition is very high in the industry with several big and small players selling both cocktails and agave-based alcohols. The main rivals include category leaders such as White Claw, Truly, and Topo Chico in the non-distilled spirit segment. Additionally, it also competes with distilled spirit leaders like High Noon, Nutrl, and Canteen. The company believes that its product is placed carefully between the two categories giving it the advantage and customers of both categories.
The company has sold 1M+ cans in its first year. It has managed to get a extensive network of distribution partners to expand and scale across Texas and eventually the US. Since its launch, the brand has grown by 180%. The revenue for 2022 was $261k against $56k in 2021. This increase was due to launch of product with Anheuser Busch distributors in Central Texas. The gross margin was 41% and net loss was $650k.
