Starbucks is adding a different sort of jolt to its coffee: liquor.
Starbucks and Jim Beam Brands Co. plan to develop, manufacture and market a Starbucks-branded coffee liqueur. Tests in two markets are expected later this year. The companies declined to disclose specifics.
The product will be available for sale in restaurants, bars and retail outlets. It will not be sold in any of Starbucks’ retail stores, because Starbucks is not licensed to sell alcohol, a Starbucks spokesperson said.
Extending the Starbucks’ brand into new channels is part of the company’s long-term growth strategy, Orin Smith, Starbucks’ president and CEO, said in a statement.
In 1995, Starbucks and Dreyer’s Grand Ice Cream developed Starbucks Ice Cream and in 1996 Starbucks Frappuccino coffee drinks were introduced in partnership with Pepsi-Cola Co.
Starbucks reported revenues of $2.5 billion for the 26 weeks ended March 28, an increase of 29% over $2 billion for the same 2003 period.
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