The tea category is another significant opportunity for Starbucks. In 1999, Starbucks acquired Tazo Tea and has built a profitable business generating approximately $1.3 billion in annual revenue. As the second most consumed beverage in the world after water, tea represents an $87 billion global market opportunity and the company intends to build Tazo into a globally-recognized multi-billion dollar brand.
Annie Young-Scrivner has been appointed president, Tazo, in addition to her current responsibilities as Starbucks global chief marketing officer. Young-Scrivner’s experience includes extensive product management – with a track record of successfully bringing to market and building numerous brands – making her ideally suited to lead the efforts to grow the Tazo brand.