In April 1985, Coke announced that it had changed the 99-year-old Coca-Cola formula. Explaining
this radical break with tradition, Goizueta cited a sharp depreciation in the value of the Coca-Cola
trademark. "The product and the brand/’ he said, "had a declining share in a shrinking segment of
the market." On the day of Coke's announcement, Pepsi declared a holiday for its employees,
claiming that the new Coke mimicked Pepsi in taste, The reformulation prompted an outcry from
Coke's most loyal customers, and bottlers joined the clamor. Three months later, the company
brought back the original formula under the name Coca-Cola Classic, while retaining the new
formula as its flagship brand under the name New Coke. Six months later, Coke announced that it
would henceforth treat Coca-Cola Classic (the original formula) as its flagship brand