Starbucks is selling its Seattle's Best Coffee brand to Nestlé for an undisclosed amount.
Starbucks is selling its Seattle's Best Coffee brand to Nestlé for an undisclosed amount.
Nestlé, which is based in Vevey, Switzerland, has been in a partnership with Seattle-based Starbucks since 2018 and already distributes Starbucks-branded coffee in more than 80 markets worldwide. David Rennie, head of Nestlé's coffee brands, said acquiring Seattle's Best will continue to build the company's portfolio and offer customers more choice. Nestlé also owns the Nescafé, Nespresso and Blue Bottle brands.
Starbucks acquired Seattle's Best Coffee in 2003 for $72 million. The deal gave Starbucks a lower-priced brand and access to Seattle's Best contracts with grocers and food service providers.But Starbucks is currently focused on a costly makeover of its North American stores. The company said last month it plans to spend $450 million next year to make its stores more efficient.
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