Coca-Cola introduced Cherry Coke, the fruity twist on its classic cola in 1985 and it skyrocketed to popularity. A year later, the brand introduced its low-calorie version, Diet Cherry Coke.

”Coke and Pepsi are both winning, and all their money has been well-spent,” said Arthur S. Kirsch, beverage industry analyst for the Drexel Burnham Lambert Inc. brokerage house. ”In industry ...