Anglo-Dutch consumer giant Unilever has announced an agreement to acquire the Tazo tea brand from Starbucks for $384 million.
According to a company statement, Tazo had sales of $112.5 million in the past year and enjoys a strong position in specialty black, green and herbal teas, as well as liquid concentrates such as chai latte.
“With its strong appeal to millennials, Tazo is a perfect strategic fit for our US portfolio that includes exciting new brands such as Seventh Generation, Dollar Shave Club and Sir Kensington’s”, commented Kees Kruythoff, president of Unilever North America. “Tazo’s solid position in the fast-growing specialty tea segment, coupled with Unilever’s tea expertise, presents a fantastic growth opportunity”.
“Tazo represents another strategic addition which strengthens our tea portfolio towards high growth segments. Its artfully crafted specialty teas perfectly complement our global tea business”, Mr Kruythoff added.