After 155 years, an iconic and historic
brand is considering a name change that will help communicate the diversity of its product offerings.
“At an investor event Tuesday, Chief Executive Mark Clouse revealed
that the storied company would ask shareholders to approve a name change, from Campbell Soup Company to The Campbell’s Company. It is a significant shift that underscores how much transformation
has occurred since Clouse took over in January 2019,” according to The Wall Street
Journal.
Nearly half the company’s sales come from snacks, including such brands as Goldfish crackers and Kettle chips.
“Meanwhile, the growth potential of the meals and beverages segment, which includes soups as well as such sauce brands as Prego and Pace, has been significantly upgraded with the
recent acquisition of the Rao’s pasta-sauce brand,” notes The Wall Street Journal.
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The name change is subject to approval at the company's annual meeting
of shareholders in November.
“Clouse told Wall Street at its investor day that Campbell's is focusing on 16 top brands across its meals and beverages and snacking division
including Goldfish, V8 beverages and Prego sauces,” according
to Reuters.
A Campbell’s representative tells Today.com that, if approved,
its current web address — which still contains the word “soup” — will also change, but that doesn’t mean it’s forgetting the source of Andy Warhol’s
inspiration. The representative also confirms that, despite the proposed name change, the company will still be known as “Campbell’s.”
“Last year,
Campbell’s snack sales grew 13%, while its soups grew 3%,” reports CNN Business. “Legacy
food companies like Campbell are pivoting to gain a larger share of the snack market, valued at more than $200 billion by market research firm Circana. Nearly half of Americans say they eat
at least three snacks a day, according to Circana.”
Campbell recently acquired Sovos Brands, which includes Rao’s sauces, Michael Angelo’s frozen entrees
and Noosa's Yoghurt.
“The $2.7 billion deal will bolster Campbell's food and beverage line in which soup remains important but is a smaller portion of the portfolio,” according to USA Today.