Starbucks to sell Tazo tea brand to Unilever for $384 million
04 November, 2017, 00:32 | Author: Celia Hoffman
Starbucks said that, by selling Tazo, it would "sharpen its focus on its up-level tea strategy with Teavana". In the past year, Tazo had sales of $112.5 million.
The brand also sells liquid concentrates focusing on the Chai tea market segment and produces a number of ready-to-drink bottled teas.
In addition to Tazo, Unilever owns beverage brands Lipton and Brisk, both of which make tea products. Starbucksacquired the brand in 1999 for $8.1 million, five years after Tazo was founded.
Through the agreement, Unilever has agreed to buy the Tazo brand, its recipes, intellectual property and inventory for $348mn.
"With its strong appeal to millennials, Tazo is a ideal strategic fit for our USA portfolio that includes exciting new brands such as Seventh Generation, Dollar Shave Club and Sir Kensington's", Unilever North America president Kees Kruythoff said.
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On an earnings call on Thursday, Johnson shared that the company will focus on streamlining setups while investing in business in China, which is anticipated to reinforce half of growth next fiscal year.
The coffee giant cut back its profit forecast on the heels of disappointing fourth quarter sales, which were impacted in part by two back-to-back hurricanes. The company fell short of analysts' predictions, reporting revenues of $5.7 billion compared to $5.8 billion projected. With JPMorgan Chase & Co., the company is also developing credit and debit cards that have rewards built in.
The Seattle-based roaster was also hit by growing pains as the company took charges related to restructuring and refining its operations.
Starbucks global same store sales were up 2% following a gain of 2% in the amount each customer was spending and an increase of 1% in transactions. Starbucks said same-store sales would have increased 3 percent without the impact of hurricanes Harvey and Irma.
In the long-term, the company is targeting annual global comparable-store sales growth of 3 percent to 5 percent and annual consolidated net revenue growth in the high-single digits.
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