Diageo had tremendous initial success with Smirnoff Ice, but sales of the product have been flat in the U.S. and have declined 4 percent worldwide during the past year. Increased competition, higher excise taxes, and tighter restrictions on advertising are blamed for the downward trend.

Few details on the new products are available, but industry experts expect new fruit-flavored drinks and variations on classic wine coolers, as well as lower-alcohol products designed to appeal to health-conscious buyers.

"I don't think we'll ever be able to replicate the success of Smirnoff Ice ... it was a one-off," said Diageo finance director Nick Rose. "However, we believe we can get the RTD category moving again in the U.S., although it may prove more difficult in the U.K. and Europe."

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