NEW YORK — Vita Coca will donate $1 million of the company’s incremental profits as sales for its shelf-stable coconut water surge amid the COVID-19 outbreak.
The New York-based company’s sales have increased more than 100% across major retailers as consumers stock up, Vita Coco said.
The company will donate $1 million in total to Feeding America and No Kid Hungry to support people in the most vulnerable communities affected by the coronavirus outbreak. The donations will contribute to the organizations’ COVID-19 response funds, which include providing emergency grants and other assistance to those working to help feed children as schools close.
The first donation of $500,000 will be made immediately—and Vita Coco’s CEO and co-founder, Michael Kirban, is asking other companies to consider doing the same.
“It has been really jarring seeing the business benefit from rapid growth amidst a growing global crisis,” Kirban said. “I feel that it’s our responsibility as a business to do what we can, to help support people who need it most, while we’re in the position to do so. We don’t know what the future will bring, but for now, we feel that the right thing to do is to invest into organizations that can use it to directly impact communities affected. I hope this pledge serves to encourage other businesses in a similar position to evaluate their strategies and take similar action.”
In addition to coconut water, Vita Coco's portfolio includes sparkling coconut water, coconut milk, coconut oil and MCT oil.
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