Starbucks Corp. will streamline management of its Teavana division, part of a plan to increase its tea sales to $3 billion over the next five years.
The Teavana business will now report to Sharon Rothstein, Starbucks’ global chief marketing officer, the Seattle-based company said in a statement Friday. Under the new structure, the company will offer the business’s tea products in Starbucks stores globally, as well as opening Teavana locations overseas.
“Tea is a $125 billion market and the second most consumed beverage in the world, next to water,” Chief Operating Officer Kevin Johnson said in the statement. “Tea represents a very compelling strategic opportunity for Starbucks.”
In another organizational change, Chief Creative Officer Arthur Rubinfeld will head up efforts to expand Starbucks Roasteries, a new store format that spotlights premium coffee.