White Claw, one of the most popular drinks of the summer for millennials, has helped make its creator into a multibillionaire, Bloomberg reported November 8. Creator Anthony von Mandl, who also founded Mike’s Hard Lemonade, might have a passion for wine and vineyards, but it’s “hard seltzer” that made him a fortune. An updated version of Mike’s Hard Lemonade, White Claw has 5 percent alcohol and is a good option for health-conscious drinkers.
Within one year, sales of the adult beverage have quadrupled. In the 52 weeks ending October 6, 2018, White Claw brought in $154.8 million in sales. Over the same 52-week period ending October 6, 2019, White Claw earned $627.2 million.
The drink was so popular, that there was a shortage in September. "White Claw has accelerated faster than anyone could have predicted," Sanjiv Gajiwala, senior vice president of marketing at White Claw, told CNN Business. "We are working around the clock to increase supply given the rapid growth in consumer demand."
To keep up with the demand, Von Mandl is investing $250 million for new production facilities in the U.S., Bloomberg reported.