SEATTLE — Starbucks is beefing up its tea profile with the acquisition of Teavana Holdings.
“We believe the tea category is ripe for reinvention and rapid growth. The Teavana acquisition now positions us to disrupt and lead, just as we did with espresso starting three decades ago,” said Howard Schultz, Starbucks chairman, president and CEO.
“Teavana’s world-class tea authority, coupled with the romance and theatre of the retail experience that is the heart and soul of Starbucks heritage, will create a differentiated customer experience and business opportunity that delivers immediate value to shareholders. This complements our existing Tazo brand and gives us the unique opportunity to create a two-tiered market position.”
Starbucks is planning to integrate with Teavana’s assets and expand the tea companies current mall-based store footprint with a comprehensive design strategy that will include new Teavana neighbourhood locations in markets across North America and around the world.
Founded in 1997, Teavana is a specialty retailer offering more than 100 varieties of premium loose-leaf teas, teawares and other tea-related merchandise through some 300 company-owned stores.