Starbucks is a coffee company as well as coffeehouse chain based in the United States of America. The company was founded in 1971, in Seattle, Washington D.C. currently, the company operates about 28,720 location all over the world. Read the following article to know more about the net worth of Starbucks in 2018.
Three partners in 1971 founded the company. Gordon Bowker, Jerry Baldwin, and Zev Siegl. The three had met while they were studying at San Francisco University. They were inspired by Alfred Peet who was in the business of roasting coffee.
The first store that they opened was located in Seattle, 2000 Western Avenue. The cafe was situated there for five years before later being relocated to 1912 Pike Place. At the moment, they were selling just roasted coffee and only brew coffee to serve as free samples in the store.
The company used to buy green coffee beans from Peets during their first year of operation. They could also buy from growers directly. Later in 1984, the founders bought Peet’s to have a good supply of coffee beans. By the year 1986, the company had six operational stores in Seattle.
The founders sold the company in 1987 to Howard Schultz. He rebranded his coffee outlets to Starbucks and began to expand. Many locations opened outside Seattle, and within two years, 46 stores were in existence.
The company has been under the Chairmanship of Howard Schultz from 1987. He later became the CEO up to 2000. Orin C Smith was appointed president and CEO in 2001 and served for four years. In 2008, Howard took back the role of the president and CEO until his resignation in 2016. Kevin Johnson is the current CEO.
The company offers a variety of product all over the globe. The attained the right to make, market, use and sell ‘Frappuccino’ in 1994 after buying out The Coffee Connections. ‘Frappuccino’ was made available to the market under Starbucks name in 1995.
In 2008, they introduced’ Skinny,’ a sugar-free beverage. They began selling baked goods and salads in 2009. Other products are ‘Ready Brew’ instant coffee packs, ‘Trenta,’ Sodas, coconut Milk among others. The company started selling wine and beer in 2010. The also began posting the calories count for their pastries and drinks on the menu in 2013.
In 1999, the company entered into the tea business by acquiring the Tazo brand. They later in 2012 bought the ‘Teavana’ brand. Another product worth mentioning is the Starbuck Verismo. This is a coffee maker that can brew regular chocolate and espresso from coffee capsules.
Currently, Starbucks is present in over 80 countries in Europe, Africa, North America, South America, and Asian continents. It is operational in 28,720 locations worldwide. That can be considered the most significant achievement for the company.
Net Worth & Earnings
The company has a net worth estimated to be over $30 billion. This has come from its operations in the whole world. More stores are emerging day by day, and there is no end to the rise of the company’s wealth.
What started as a small store by three friends is today a multinational company. The success can be attributed to the hard work and dedication of all involved. The company has been donating food to local food banks in the US since 2010. They also have other donation programs to give back to society. That’s the way to go.