Friday 23 February 2018

'Must-have' red cup spells success for Irish duo

Roisin Burke

The toast of everyone from Rihanna to Mark Zuckerberg, this ubiquitous little party accessory has a circa $700m (€550m) market in the US.

Now two young Irish businessmen are hoping it will make them a fortune on this side of the Atlantic. So what is this hot new moneyspinner?

Er, a red plastic cup.

Declan Fahy and Paul Cosgrave's company, the aptly named Red Cups, has just sealed a deal with Tesco to stock their trendy plastic vessels in 600 stores in Britain from mid-June.

Red cups have become the ultimate symbol of partying stateside.

Fahy and Cosgrave bagged the exclusive rights from the US maker to sell the cups and other products in Ireland and Britain. They're seeking the licence for Europe too.

The piece of plastic zeitgeist crops up at gigs, house parties, festivals, it has featured in music videos with Ke$ha and the Black Eyed Peas and in films like The Social Network and American Pie and TV's Desperate Housewives.

Cosgrave and Fahy saw a gap in the market three years ago. "We went to look for red cups and couldn't find them on this side of the Atlantic. We found lots of other people who wanted them though."

They approached the US cup makers Solo and won the exclusive Ireland and Britain rights. They have since sold close to three million of them.

To celebrate Ireland's part in Euro 2012, football fans Cosgrave and Fahy are launching green cups, exclusively in Tesco Ireland.

Sunday Indo Business

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