Dos Equis revives ‘Most Interesting Man’ ads as beer sales struggle

By Jordan Valinsky, CNN

New York (CNN) — Dos Equis is reviving its famous “The Most Interesting Man” advertising campaign after a decade in an effort to turn around the beleaguered brand.

Sales of the Heineken-owned Mexican lager dropped last year, mirroring a broader industry decline as drinkers consume less beer. Executives hope the once-popular campaign will reignite interest in the nearly 130-year-old brand.

“The beer category as a whole has had a tough time,” said Alison Payne, chief marketing officer of Heineken USA. But during the 10 years of the campaign, which launched in 2006, Dos Equis’ volume tripled, so “we have high hopes that this will spark sales.”

The campaign first premiered 20 years ago and became a pop culture sensation. The ad inspired parodies on “Saturday Night Live” and made the actor, Jonathan Goldsmith, a recognizable face. He’s returning to the role in a 60-second ad that debuts Monday during the College Football Championship on ESPN.

Dos Equis could use the attention. For the full year of 2025, retail sales dropped 8%, far worse than its competitors Modelo and Corona, which both slipped 2%, according to NIQ data provided to CNN from Bump Williams Consulting.

The Mexican import is also dealing with the repercussions of President Donald Trump’s immigration crackdown. Many Latino consumers, both legal and undocumented, are fearful of going out to stores or holding big celebrations. The sales drop is also affecting rival Corona.

“There are clearly still some pressures in place in the form of ICE and immigration enforcement that have impacted the shopping behaviors of select consumers, and that pressure does not appear to be letting up as we head into this new year,” said Dave Williams, president of Bump Williams Consulting.

Payne told CNN “it’s been a tough time” for Dos Equis since it skews heavily torward the Hispanic consumer, but said that weak consumer confidence and inflation is hurting all Heineken brands.

Heineken, which also brews Amstel and Birra Moretti, cut its financial guidance twice last year as drinkers cut back on buying beer because of the higher cost of living. The company expects its profit to fall when it releases its full-year earnings in February.

This week, the brewer announced the surprise resignation of CEO Dolf van den Brink after six years in the position, signaling larger troubles for the Amsterdam-based company. A replacement wasn’t immediately named.

Heineken is a smaller player in the United States compared to Budweiser and Molson Coors. Retail sales of the Heineken family of brands declined 9% in the US last year, according to NIQ data, Williams said. Heineken 0.0, its non-alcoholic version, was the only Heineken-owned beer to register growth.

However, Payne hopes that bringing back a familiar face could help Dos Equis maintain or grow market share.

“When we say we retired the most interesting man, it actually didn’t disappear from the cultural conversation at all,” she said, noting that the younger generation is familiar with him because of the memes the ad has spawned.

Williams praised the original campaign, but told CNN that he questions if there’s “enough nostalgia among current and lapsed” drinkers to restore Dos Equis to a leadership position in what has become a far more competitive Mexican import category.

“That said, there is clearly a sizable pool of Mexican import consumers across the country and if this campaign can be leveraged to start rebuilding their brand awareness among consumers as an alternative to current competition… then that is certainly a step in the right direction toward clawing back at their share of the category,” he added.

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