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It's Tea Time For Starbucks With New 'Oprah Chai' Partnership

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Starbucks (NASDAQ: SBUX) Founder, President, Chairman and CEO Howard Schultz is amped about the company's partnership with Oprah Winfrey.

He discussed their new product for their Teavana business called Teavana Oprah Chai with CNBC's Jim Cramer on Wednesday.

“We discovered Oprah is passionate about tea and chai,” said Schultz, citing that they've been friends for years, and that the idea to partner up came up at a friend's wedding.

Starting April 29, Teavana Oprah Chai will be available in Teavana locations throughout North America.

“We are going to raise so much awareness inside Starbucks, where 70 million people come a week, of Teavana and Oprah Chai…It'll create so much awareness and traffic for the Teavana brand,” said Schultz.

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According to Schultz, Oprah Chai will have merchandising displays and various visual expressions of the product. This will help establish its identity in branding.

Schultz noted that tea is a $90 billion global category which he sees as ripe for innovation, and thinks that the space can actually be transformed by Winfrey.

“In keeping with Oprah's values and Starbucks' values as well, most of the proceeds to help youth get access to education,” said Schultz.

 Jason Cunningham had no position with the mentioned entities while writing this article. Visit Jason on Twitter at @JasonCunningham.

Posted-In: CNBC News Jim Cramer Restaurants Management Events Media General Best of Benzinga

 

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