Mercedes-AMG Petronas F1 CEO Toto Wolff & PepsiCo's Eugene Willemsen Talk F1
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Hello and welcome. This is The Michelle Hussein Show. I'm Michelle Hussein. I speak with people like Elon Musk. I think I've done enough. And Shonda Rhimes. That's so cute. This will be a place where every weekend you can count on one essential conversation to help make sense of the world. So please join me, listen and subscribe to The Michelle Hussein Show from Bloomberg Weekend, wherever you get your podcasts.
You certainly ask interesting questions.
Bloomberg Audio Studios. Podcasts, radio, news. Mercedes F1 and PepsiCo are teaming up to capitalize on the sport's increasingly young audience and their shifting consumption habits. The companies say the partnership is designed to capture the next decade of growth across emerging markets. For more, we're joined now by the Mercedes F1 CEO, Toto Wolff, and PepsiCo CEO of International Beverages, Eugene Williamson. Thank you both for joining us. Hi. Can I come to you first, Toto? I know you're probably very excited about what lies ahead at the weekend and the actual racing, but thinking about this deal with PepsiCo, I mean, what is it that you can offer to a business such as PepsiCo in terms of the people you're reaching, the ability of your brand to spread their message?
Good morning, first of all. It's important for us to have an alignment with the brands that we partner up. And you mentioned the audiences. Our strongest growing audiences are very young people, females between 15 and 24. And our female fan population is 42% of the total. Our young drivers have lots of social media activity contrary to the past. We have great sport and entertainment on the track and obviously some of the, you know, drive to survive episodes tapped by the audiences as well.
Eugene, let me come to you. I'm just picking up on what Toto's talking about there. Formula One has changed kind of beyond recognition over the last few years. New ownership, new kind of narrative. Drive to Survive's had a massive impact. The demo's changed quite significantly. The U.S. fan base has changed quite significantly. Why have you waited so long to get involved and why is now the right time to get involved?
Formula One is a fantastic platform globally. It's growing rapidly. 1.6 billion fans across the world.
What is the significance of the partnership between Mercedes F1 and PepsiCo?
Races in 21 countries, 24 races across the world. And we feel now is the right time for us to come into the sport. So we signed up with Formula One earlier this year. And then this week we're announcing an amazing partnership with Mercedes-AMG Petronas Formula One team. Toto and his team. And very much looking forward to tap into this growing fan base across the world and really leverage that fan base also with three of our brands, Gatorade, Sting and Doritos, three brands with distinctive audiences. And yeah, looking forward to an amazing couple of years in this partnership.
Can I ask you then a bit more about that, Eugene? How does this help you secure demand from a new group of customers? What kind of customers does this put you in front of that you wouldn't have found anyway?
Yeah, so I think there's a couple of ways to look at this. So first of all, as I said, Formula One is a truly global platform. So for us, we have an opportunity to expand some of these brands across the world, especially in developing and emerging markets where Formula One already has a lot of races, but also where the fan base is growing and growing rapidly. Also, Formula One now is stepping into Gen Z, so a younger audience. It is also an audience that is almost 50-50 split between male and female consumers. So for us, a unique opportunity to expand the penetration for all these three brands, and specifically with Gatorade, which is going to be the face of our partnership with the Mercedes-AMG Petronas team.
as a unique opportunity to help fuel the drivers and help them perform at their peak. As you know, drivers lose a lot of body weight during the races. Gatorade has 60 years of sports science, started at the University of Florida, fueling the Gators and the football team in the US.
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