Iconic firm Campbell Soup set to drop soup from name
Top executives at the 155-year-old Campbell Soup Company are planning to rebrand the company as The Campbell’s Company.
CEO Mark Clouse explained that the new name will better represent Campbell’s expanded product range, which now includes sauces, snacks, and beverages in addition to its traditional soups.
Shareholders will vote on the proposed name change at the company’s annual meeting in November.
Despite the shift, Campbell’s will continue to prioritize its soup business. The company has been adapting to market changes by acquiring businesses like Sovos Brands, the maker of Rao’s sauces.
“We will always cherish soup and remain focused on this vital segment,” said Mr. Clouse during the company’s investor day. “However, our business today encompasses much more than just soup.”
Campbell’s portfolio also features Goldfish crackers, Cape Cod crisps, V8 beverages, and Prego sauces.
Mr. Clouse noted that maintaining steady soup sales will be sufficient for the company to achieve its financial goals.
Other executives noted, however, that soup sales are set to benefit from an aging population in the US, as older people are more likely to eat soup.
Campbell was the first company to sell canned soup more than a century ago.
The product served as inspiration for one of American artist Andy Warhol’s most iconic pop art works.
The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year.
Campbell’s leaders expect its Goldfish crackers to be a key driver of growth and to ultimately become its largest brand by 2027.
