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Tea News for the week ending Nov. 10
PLUS | In October, Transworld, China’s first USDA-certified organic tea producer, and Firsd Tea, the US subsidiary of Zhejiang Tea Group, released the Chinese Tea Sustainability Report, a 12-page survey of perspectives and practices at Chinese tea farms and processing facilities. Jason Walker, marketing director at Firsd Tea in New Jersey and one of the architects of the sustainability report, joins Tea Biz for an in-depth discussion of the results of this ongoing survey.
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Starbucks Announces Ambitious Global Expansion
By Dan Bolton
Starbucks CEO Laxman Narasimhan announced a record $9.4 billion fourth quarter to close a $36 billion fiscal year. Revenue was up 12% year-to-year.
The company will expand to 55,000 locations by 2030, 75% overseas.
Executive Vice President and Chief Financial Officer Rachel Ruggeri said, “Our customers continue to favor more premium beverages, creating a new normal for mix and customization. To fuel this, we continue to lean in with innovation, offering our Iced Pumpkin Cream Chai Tea Latte, which boosted tea sales, and Pumpkin Cream Cold Foam, which has become a customization favorite with our customers.”
Gingerbread chai is a hit, I recommend it, Narasimhan told Mad Money host Jim Cramer. Cold beverages, including tea and coffee, are driving sales. Customers add modifiers to cold drinks at a greater rate than hot, and it’s an easier process through the app than anywhere else. These transactions raise ticket and produce personal branding for Gen Z to broadcast via social, according to Ruggeri.