Nestle to market Starbucks products
Print Edition
Nespresso maker Nestle yesterday said it has sealed a deal to market the products of US coffee giant Starbucks around the world, outside of its cafes.
Swiss food giant Nestle, which also produces Nescafe instant coffee, had said in May it would pay US$7.15 billion for the rights to market Starbucks coffee globally.
Under the deal, some 500 Starbucks employees in the United States and Europe will join Nestle, the Swiss company said in a statement.
鈥淲ith Starbucks, Nescafe and Nespresso we bring together the world鈥檚 most iconic coffee brands,鈥 Nestle CEO Mark Schneider said.
鈥淭he outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities,鈥 he added.
According to the statement, the deal will significantly boost Nestle鈥檚 portfolio in North America.
Bloomberg News said Nestle has struggled in the US for years.
Under Schneider鈥檚 leadership, Nestle has made coffee a key priority in its growth strategy, particularly in the US.
Since he took over in January 2017, the group has bought a majority stake in California-based high-end brand Blue Bottle Coffee and acquired Texan brand Chameleon Cold Brew.
Starbucks CEO Kevin Johnson said his firm is also set for a major boost under the deal.
鈥淏ringing together the world鈥檚 leading coffee retailer, the world鈥檚 largest food and beverage company, and the world鈥檚 largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders,鈥 Johnson said.
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