Oreo Sales CRUMBLE In Venezuela And Here’s What They’re Doing About It
The average person is probably unaware that Oreos are actually manufactured in Venezuela, but the beloved snack’s South American legacy could be in jeopardy after Oreo’s parent company announced it will no longer track sales in Venezuela.
Oreo producer, Mondelez International, recently reported losses of more than $700 million, due heavily to the poor state of Venezuela’s economy, specifically citing exponentially increasing inflation rates.
The Venezuelan economy’s inflation rates have steadily increased over the past decade and there is no sign of help within reach. Food prices rose more than 20 percent in August 2015, according to CNBC.
A statement from Mondelez International seemed to hint that a reevaluation of the company’s business model in Venezuela may be in the near future.
“Given the current and ongoing difficult economic, regulatory and business environment…there continues to be significant uncertainty related to the company’s operations in Venezuela.”
Oreo has been touted as, “The World’s Best Selling Cookie,” with global sales reaching more than $3 billion in 2014, but that number might change dramatically as a chunk of the number will no longer be tracked.
