Red Bull owner Dietrich Mateschitz dies aged 78

Author of the article: Dietrich Mateschitz, the Austrian billionaire founder and owner of energy drink company Red Bull, died on Saturday at the age 78 after a serious illness with cancer. His death was confirmed by the championship-leading Red Bull Formula One team. Financial Post Top Stories Sign up to receive the daily top stories…
Red Bull owner Dietrich Mateschitz dies aged 78

Author of the article:

Dietrich Mateschitz, the Austrian billionaire founder and owner of energy drink company Red Bull, died on Saturday at the age 78 after a serious illness with cancer.

His death was confirmed by the championship-leading Red Bull Formula One team.

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

The Styrian-born entrepreneur built a global empire around the energy drink Red Bull and was considered the richest man in Austria. Mateschitz’s fortune is estimated at around 25 billion euros ($24.65 billion). This puts him in 51st place on Forbes’ list on the world’s richest people.

The self-made billionaire was considered a marketing genius. After graduating from the University of World Trade in Vienna, he worked as a marketing specialist for various companies in the 1970s.

On his business trips to Asia, he got to know the market of energy and stimulant drinks. At that time, these drinks were still completely unknown in Europe and the United States. In 1983, he acquired the license for such a drink in Asia. One year later, together with the Thai entrepreneurial family Yoovidhya, he founded Red Bull GmbH, in which he held a 49% stake.

After modifying the recipe of a Thai energy drink and developing a marketing concept, Red Bull was introduced to the market in 1987. The bubbly, carbonated, sweet drink, whose taste is described as similar to that of gummy bears, rose to become the global market leader after a difficult market entry. The group achieved a turnover of 7.8 billion euros in 2021 and sold 9.8 billion Red Bull cans worldwide.

The Fuschl am See, Salzburg-based company is also known for its creative advertising with the world famous slogan “Red Bull gives you wings.” An important milestone for Mateschitz was the entry into the U.S. market at the end of the 1990s. Today, every third can is sold in the United States.

The entrepreneur paid a lot of attention to the image of the drink. He associated the Red Bull brand with adventure sports like surfing, mountain biking and cliff diving with the company eventually involved as a sponsor in a lot of them.

Mateschitz was also the founder and owner of Red Bull Racing, a Formula 1 racing team based in Milton Keynes, Britain. He had taken over the football club SV Austria Salzburg, now known as “Red Bull Salzburg.”

Little is known about Mateschitz’s private life. He was publicity shy and rarely gave interviews. He lived in Salzburg with his long-term girlfriend and once said years ago that he drank 10 to 12 cans of Red Bull a day himself.

It is not clear what consequences the Red Bull empire will face after his death. His only son Mark, 30, who most recently acted as managing director of one of his father’s investment companies is seen as a possible successor. ($1 = 1.0142 euros) (Reporting by Akanksha Khushi in Bengaluru, Alexandra Schwarz-Goerlich in Vienna, and Michael Shields; Editing by Daniel Wallis and Marguerita Choy)

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Goodfood Market Corp. Announces Renewal of Automatic Securities Disposition Plans by CEO & Chairman and President & COO
Read More

Goodfood Market Corp. Announces Renewal of Automatic Securities Disposition Plans by CEO & Chairman and President & COO

Author of the article: MONTREAL, Nov. 30, 2021 (GLOBE NEWSWIRE) — Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX: FOOD), a leading online grocery company in Canada, announced the renewal of Automatic Securities Disposition Plans (“ASDPs”) by each of Chief Executive Officer and Chairman Jonathan Ferrari and President and Chief Operating Officer, Neil Cuggy. The…
N.Korean leader Kim slams officials’ ‘immaturity’ in response to COVID outbreak
Read More

N.Korean leader Kim slams officials’ ‘immaturity’ in response to COVID outbreak

Author of the article: SEOUL — North Korean leader Kim Jong Un slammed his country’s response to its first confirmed COVID-19 outbreak as immature, accusing government officials of inadequacies and inertia as fever cases swept the country, state media reported on Wednesday. North Korea reported 232,880 more people with fever symptoms, and six more deaths…
Hungary Continues to Block EU Oil Sanctions Against Russia
Read More

Hungary Continues to Block EU Oil Sanctions Against Russia

Author of the article: Bloomberg News Ewa Krukowska, Nikos Chrysoloras and Alberto Nardelli (Bloomberg) — Hungary continued to block a European Union proposal that would ban Russian oil imports, holding up the bloc’s entire package of sanctions meant to target President Vladimir Putin over his war in Ukraine, according to people familiar with the talks. …
India’s economy likely picked up in Sept quarter before Omicron spread
Read More

India’s economy likely picked up in Sept quarter before Omicron spread

Author of the article: NEW DELHI — Data was expected to show that India’s economic recovery strengthened in the July-September quarter, helped by a pick-up in consumer spending, though the spread of the Omicron coronavirus variant raised fears for the future. Asia’s third-largest economy has been seeing a rebound from last year’s deep slump, boosted…