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Starbucks snaps up Teavana for $620m

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Starbucks Coffee

Starbucks is to pay USD 620 million to buy Teavana; a company which sells high-end loose teas in 300 shopping mall locations across the United States.

According to reports, Starbucks is planning to open standalone Teavana shops which stock speciality drinks.

The coffee chain already owns the Tazo tea brand, which it acquired in 1999.

Earlier this year Starbucks chief executive Howard Schultz announced plans to open its first Tazo tea shop where customers can make their own loose leaf blends. It is thought that Schultz has a similar future in mind for Teavana.

Teavana will move into the consumer packaged goods market, meaning that it will eventually be sold in supermarkets.

http://www.myretailmedia.com/blog/7853/starbucks_snaps_up_teavana_for_620m.php

Author: retailaccounting

CounterBooks is an online retail accounting management suite which is used by retailers across the world.

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