To put it kindly, it might seem impractical to enter the crowded sparkling water market today. To put it bluntly, it might seem absolutely batshit. LaCroix. Perrier. Topo Chico. Bubbly. San Pellegrino. Spindrift. There are dozens of value brands, private labels, and beyond. So how did the oddball upstart Aura Bora—with its eccentric packaging and its equally offbeat flavors and ingredients—do it . . . and do it so well that the company sold 15 million cans in its first four...

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