Influencers and M&A: Alix Earle’s Involvement in Poppi’s Success and PepsiCo’s Acquisition of Poppi

On March 17, 2025, PepsiCo announced that it would be acquiring Poppi for a net purchase price of $1.65 billion.[1] The deal included a potential earnout consideration “subject to the achievement of certain performance milestones within a specified period after closing of the transaction.”[2]  

The buyer in the acquisition is PepsiCo, an international company serving over 200 countries and territories world-wide.[3] In 2024, PepsiCo earned nearly $92 billion in net revenue through its extensive food and beverage portfolio.[4] PepsiCo contains several prominent billion-dollar brands, including Lay’s, Doritos, Gatorade, and Pepsi-Cola.[5]

The seller in the acquisition is Poppi, a “prebiotic soda brand modernizing soda for the next generation.”[6] Poppi’s low-calorie soda, containing five or fewer grams of sugar per serving, is sold at major retailers across the country.[7] Poppi’s success reflects a shift towards healthier, “functional” soda alternatives in the competitive beverage market.[8]

Poppi has quickly grown into a well-known national brand in less than a decade.[9] Social media influencers, such as content creator Alix Earle, have played a role in Poppi’s increased visibility.[10] In 2025, for example, Poppi “challenged the Super Bowl status quo” by focusing its 2025 Super Bowl commercial on Alix Earle and other influencers as opposed to “traditional” celebrities (e.g., actors, musical artists).[11] Poppi chose to incorporate influencers as a key marketing strategy to tap into the influencers’ audiences and better connect with consumers.[12] The commercial ranked first in “brand perception” in one Super Bowl advertisement impact report, having generated significant buzz and brand awareness among viewers.[13]

Earle has been an investor in Poppi since May 2024, sharing in a TikTok video to her then-6.7 million followers that she invested in the brand because their team was “amazing to work with.[14] Social media influencers like Alix Earle offer a competitive edge for brands seeking to stand out among the mass amounts of marketing aimed at consumers.[15] Earle's involvement as Poppi’s biggest partner has contributed to the company’s popularity and name brand recognition.[16]

The Acquisition: PepsiCo Acquires Poppi

PepsiCo’s $1.95 billion acquisition of Poppi is part of a broader industry response to growing consumer interest in healthier and gut-friendly soda alternatives.[17] Shortly before PepsiCo and Poppi’s deal, PepsiCo’s competitor, Coca-Cola, launched Simply Pop.[18] Also around this time, competing brand Olipop was valued at nearly $2 billion.[19] These trends are reflective of consumers leaning toward healthier, “functional” drinks.[20] The Poppi deal is representative of PepsiCo expanding beyond the traditional soft drink industry and capitalizing on the growing shift toward “better-for-you” soda.[21] Through strategic acquisitions like the Poppi deal, companies can lean into this increased demand and offer healthier choices to customers.[22]

Alix Earle’s Role in Poppi’s Success

Alix Earle has had a growing role in Poppi’s marketing strategy since becoming an investor.[23] In 2024, Earle was Poppi’s key partner in its Coachella campaign, during which Poppi sponsored a house for Earle and her friends to stay in during the festival (nicknamed “Coacherla”); during the festival, Earle “featur[ed] extensive branding and product integration” across her social media platforms.[24] The Coachella campaign generated over 50 million online impressions and a 200% sales spike over the course of the festival.[25] In addition, Earle maintains her relationship with the brand, not only as an investor, but also through campaigns such as her own custom Poppi soda can sold at Walmart stores.[26]

PepsiCo recognized that Poppi’s strong brand and consumer engagement helped the company to cultivate success in the modern marketplace.[27] PepsiCo resonated with Poppi’s brand and “community- and culture-first approach – from vibrant packaging to a strong social media presence, viral TikTok campaigns, and influencer partnerships,” and believed this approach would help PepsiCo to “scale to [its] next phase of growth.”[28] Alix Earle’s involvement in Poppi’s marketing and branding exemplifies the impact influencer partnerships can have on marketing strategies and company value propositions.[29]

[1] Kelly McCarthy, PepsiCo to Buy Poppi Prebiotic Soda for $1.95 Billion, ABC News (March 17, 2025, 2:50 PM), https://abcnews.go.com/food/story/pepsi-buy-poppi-prebiotic-soda-195-billion/?id=119877068.

[2] PepsiCo to Acquire Poppi, PepsiCo (March 17, 2025), https://www.pepsico.com/newsroom/press-releases/2025/pepsico-to-acquire-poppi.

[3] Id.

[4] Id.

[5] Id.

[6] Id.

[7] Id.

[8] See Jennifer A. Kingson, Coke, Pepsi, or Organic Blueberry? Eye-Catching “Better-For-You” Sodas Reignite the Cola Wars, Axios (April 24, 2024), https://www.axios.com/2024/04/24/coke-pepsi-sodas-olipop-poppi-zevia-dr-pepper-sprite-cola-diet.

[9] See Katy Barber, PepsiCo buys Austin-Based Poppi for $1.95 billion, My San Antonio (March 18, 2025, 2:40 PM), https://www.mysanantonio.com/business/article/poppi-pepsico-20225673.php (highlighting Earle’s investment in the company, as well as her role in one of Poppi’s “PR stunt[‘s]”).

[10] See id. (highlighting Earle’s investment in the company, as well as her role in one of Poppi’s “PR stunt[‘s]”).

[11] Gillian Follett, Behind Poppi’s Influencer-Led Super Bowl Commercial and Social Campaign, Ad Age (Feb. 9, 2025, 9:23 PM), https://adage.com/article/special-report-super-bowl/poppi-super-bowl-ad-alix-earle-jake-shane-and-robert-rausch-and-social-media-plan/2601776/.

[12] See The Results Are In, This Was the Most Impactful Ad in the 2025 Super Bowl, LBBOnline (Feb. 28, 2025), https://lbbonline.com/news/the-results-are-in-this-was-the-most-impactful-ad-in-the-2025-super-bowl.

[13] Id. (citing Scoring Big: Super Bowl Ad Impact Report 2025, YouGov (Feb. 3, 2025), https://yougov.com/en-us/reports/51481-super-bowl-2025-ad-analysis-report-and-webinar).

[14] See Sara Ashley O’Brien, The Art of the Alix Earle Deal, Wall St. J. (May 22, 2025, 8:35 am ET), https://www.wsj.com/style/alix-earle-deal-alex-cooper-podcast-poppi-019f0cca?st=WWd5kP&reflink=article_imessage_share; Franklin Graves, The Rise of the Creator-Investor: A New Kind of Brand Deal, Passionfruit (May 29, 2024), https://passionfru.it/alix-earle-creator-investor-68716/.

[15] See Graves, supra note 14.

[16] See O’Brien, supra note 14.

[17] Clara Ludmir, Pepsi Co Buys Prebiotic Soda Brand Poppi for Nearly $2 Billion, Forbes (March 18, 2025, 2:10 PM), https://www.forbes.com/sites/claraludmir/2025/03/17/pepsi-co-buys-poppi-/.

[18] Id.

[19] Id.

[20] Id.

[21] See id.

[22] Id.

[23] Cecilia Carloni, Influencer Alix Earle Debuts Custom Poppi Soda Can At Walmart, Net Influencer (August 11, 2025), https://www.netinfluencer.com/influencer-alix-earle-debuts-custom-poppi-soda-can-at-walmart/.

[24]  Id.

[25] Id.

[26] O’Brien, supra note 14.

[27] See Ludmir, supra note 17; PepsiCo, PepsiCo Completes Acquisition of Poppi, Accelerating Strategic Portfolio Transformation, PR Newswire (May 19, 2025, 9:13 ET), https://www.prnewswire.com/news-releases/pepsico-completes-acquisition-of-poppi-accelerating-strategic-portfolio-transformation-302459040.html.

[28] PepsiCo, supra note 27.

[29] Graves, supra note 14.