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For anyone who wasn't there: In the 80s, Coca-Cola had lost its crown. Pepsi was the most popular soft drink, at least in the USA. Coca-Cola responded by changing their recipe, to great fanfare.
It's often held up as one of American business's greatest failures. People hated New Coke, and later that year they brought back the old formula, under the name Coca-Cola Classic.
I think that that summary of the story misses an important point, though. After the dust had settled. Coke had regained its crown, and has held it ever since. So, while New Coke itself failed on the market, the event's long-term influence on the company's financial outcomes was overwhelmingly positive. To the extent that some people have claimed that the whole thing was just an exceptionally clever PR stunt.