date:Nov 15, 2012
Starbucks Coffee has agreed to buy specialty retailer Teavana for $620m, as part of its plans to grow its tea division Tazo business.
The deal is expected to give the company a two-tiered market position with both the Teavana and Tazo brands through a combination of expertise and assets.
By integrating their core competencies the firms intend to jumpstart the next wave of growth in the rapidly growing $40bn global tea category.
The Seattle-based coffee chain plans to extend Teavana's 300 mall