It has signed a deal with Marks & Spencer, which will sell the garment online and in participating stores from next month, priced £19.50.
The three-in-one beach dress, which is also available in four other colours, can be worn as a halter-neck or strapless dress, or as a skirt.
The cereal brand said the tie-up with M&S had come in response to public demand, claiming that hundreds of people contact it every year asking where they can buy the red dresses seen in its ads.
It is running a competition on its website giving entrants the chance to win 20 of the dresses, offering five prizes every week for four weeks.
Condé Nast-owned monthly Glamour is also participating in the launch, providing style tips on the best accessories to wear with the dress to achieve 'beach-to-bar glamour'.
Kellogg plans to back the activity with TV spots that also feature Marks & Spencer and Glamour branding.
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