The recent makeover of the Starbucks logo, now devoid of the word “coffee”, was a move designed to help the company branch out and begin selling products unrelated to java. On that note, the Wall Street Journal reports that Starbucks just spent $30 million to purchase Evolution Fresh Inc., the company behind the premium juices currently sold at the chain – juices that are also currently sold at Whole Foods, Safeway, Costco and Trader Joe’s stores on the West Coast.
“The acquisition of Evolution Fresh supports our growth strategy to innovate with new products, enter new categories, and expand into new channels of distribution,” a Starbucks exec said in a statement. “Not only are we able to tap into the $1.6 billion super-premium juice market, but the acquisition of Evolution Fresh marks an important milestone for us within the $50 billion Health and Wellness sector.”
Will the move work? Starbucks CEO Howard Schultz states that the company’s business model will help it succeed because it can test new products in its stores before introducing them to supermarkets, as it did when it introduced Via instant coffee in 2009.