From farmers to consumers, JDE Peet’s strives to champion an inclusive and regenerative ecosystem through its Common Grounds Programme which is comprised of three pillars: Responsible Sourcing, Minimising Footprint and Connecting People.

This recognition, based on the company’s improved CSA score, underscores JDE Peet’s’ longstanding commitment to creating a sustainable future.

Fabien Simon, CEO of JDE Peet’s, commented, “Three years ago, we engaged in a turnaround, which led us to rediscover the power of our brands. While we stepped up investments, execution and innovation, we brought back relevance for our consumers and our customers. Sustainability is playing an important role to enable relevance, as we became committed to foster an inclusive ecosystem. I am very proud of the progress we have made on our sustainability journey, in parallel with transforming the operational performance of JDE Peet’s. We acknowledge there is much more to do in order to reach 100% responsibly sourced coffee by 2025 and meeting our net-zero carbon emission target by 2050. Yet, we are greatly encouraged by the external recognition of the leading position of JDE Peet’s, which is the only coffee company included in the prestigious Dow Jones Sustainability Europe Index. We remain committed to continually improve our performance to deliver sustainable value for all our stakeholders and secure the future of coffee and tea.”

JDE Peet’s also performed particularly well in the fields of Emissions, Resource Efficiency & Circularity, Waste Management, Human Capital Development, Talent Attraction & Retention and Cybersecurity & System Availability.

Laurent Sagarra, VP of sustainability at JDE Peet’s, commented, “Sustainability is a journey, where every step counts. Over the past years we’ve stepped up from being directly involved at origin in over 60 farmer projects to actively playing our part in reducing scope 1,2 and 3 emissions. While we recognise that there’s still a long road ahead, I’m very proud of the positive impact we are already having around the world to improve the lives of nearly 600,000 smallholder farmers.”

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Maratá’s coffee & tea business is predominantly present in the northern part of Brazil through its longstanding and well-known brands Café Maratá and Chá Maratá. The acquisition complements JDE Peet’s’ existing portfolio of brands predominantly sold in the southern regions of Brazil, and increases the company’s scale and national coverage in Brazil, a market which offers compelling prospects for both volume and value growth. As a result, the acquisition offers long-term value creation potential through attractive revenue and cost synergies.

Fabien Simon, CEO of JDE Peet’s, commented, “We are delighted to welcome Maratá’s coffee & tea organisation to JDE Peet’s. Maratá’s portfolio and geographical presence are highly complementary to our existing franchise in Brazil. Together, we will serve more cups across a full range of price points and product offerings while expanding our regional presence in Brazil, one of the world’s largest coffee markets.”

José Augusto Vieira, founder of JAV Group, added, “I am very proud of the strong and successful coffee & tea platform we have built, and I am very pleased that by joining JDE Peet’s, the world’s leading pure-play coffee & tea company, we have secured the long-term development and success of this great business.”

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The Argentinian tea and coffee markets are steadily growing this year thanks to generally improving economic situation in the region and stable domestic demand.

Argentina has rich traditions of tea and coffee drinking. While the Covid-19 pandemic and serious financial problems of the country had resulted in a serious drop of consumption of both drinks, the market has almost completely recovered, although the rise of coffee prices by almost 150 percent in the last year put a serious pressure on the market.

For many global coffee majors, the expansion into Argentina along with Brazil, is a priority due to the potential, which is associated with the Latin American region and the exodus of business from the markets of Russia and Ukraine — once the most important emerging markets for them.

With the population of more than 47 million people and a status of the second largest country in the Latin American region, Argentina has always been under the radar of some major tea and coffee producers.

Emanuele Uccellini, the Caribbean and Latin America BU Director for Lavazza Group BU Americas told T&CTJ in an exclusive interview, that Lavazza has been present in the Argentina for many years, and that the market represents a top priority within the Latin America region for two main reasons:

1. The growing interest of consumers in high-quality coffee brands. The demand for specialty coffees has been increasing significantly, especially during the pandemic, and we’ve seen the trend keep growing, mostly among younger consumers.
2. The relevant presence of people with Italian roots: they always feel at home when they sip a good Lavazza cup of coffee.

The Argentinian coffee market has always been of interest to other global majors as well.

One of them is JDE Peet’s, which in recent years has significantly strengthened its positions in the local market. A spokesperson for JDE Peet’s, said, “JDE Peet’s does sell a range of products across our brand portfolio in Argentina including NCC capsules. We anticipate that the demand for coffee and tea will only continue to grow globally. We recently signed an agreement to acquire Marata’s coffee and tea business in Brazil, and South America in general is an area in which demand for coffee and tea is increasing.”

The Argentinian market also attracts the interest of global coffee chains, many of which are considering accelerating expansion in the local market in years to come, which is primarily done through the expansion of the existing portfolio. One example is Starbucks, which considers the local market as a priority for its growth.

A Starbucks’ spokesperson told T&CTJ, “Starbucks entered Argentina in 2008 with our first store in Buenos Aires. Today, the brand operates over 130 stores in the market, providing employment opportunities to over 1,700 green apron partners,” noting that earlier this year, Starbucks celebrated its 15^th anniversary in Argentina, together with its licensed business operator, Alsea.

In April 2023, the spokesperson said that Argentina took a significant step toward a more sustainable future by certifying its first two Starbucks Greener Stores. “This is part of Starbucks global vision to have 3,500 Greener Store-certified locations worldwide, aiming to cut our climate, water, and waste footprints in half by 2030. Starbucks Argentina also continues to expand its plant-based menu offerings in an effort to deliver increased options for our customers.”

Furthermore, in collaboration with Alsea, Starbucks announced plans to operate 2,000 Starbucks stores in the 12 markets where Alsea operates the brand globally by the end of 2025.

Starbucks and other leading Western coffee chains operating in the country have faced strong competition with local players. An example of this is Café Martinez chain, a local chain that has almost doubled the number of its outlets within Argentina the last few years and which plans to continue its active expansion in years to come.

Coffee consumption is growing

A senior researcher at Euromonitor International said that in 2022, the total volume sale of coffee in Argentina is set to post a third consecutive year of growth, following a decline during the outbreak of Covid-19. “For the current year and beyond even though consumers have returned to pre-pandemic habits, total volume consumption is forecast to grow much slower. This is due to the long-term unstable economy, increased poverty, and high inflation, which is diminishing the purchasing power of middle and low-income consumers.”

However, coffee is set to post the highest total volume and current retail value growth in hot drinks, driven by the widening use of instant coffee, which began seeing consumption growth in 2021 and 2022. Instant coffee benefits from being affordable, while offering a widening variety of coffee mixes. New coffee consumers tend to start with lighter options, with less coffee flavour and with more milk content, with the inclusion of chocolate and other ingredients.

The coffee industry has suffered a major world price hike due to drought conditions in Brazil, which led to considerably lower production and higher freight costs. Coffee pod consumption rocketed as consumers prioritised high-quality coffee with a desire to replicate foodservice experiences at home. The coffee pod category was also stimulated by a continuous entry of new brands, including La Morenita, La Virginia, Jacobs, L’Or, Viaggio, and Nestlé Argentina’s latest novelty with Starbucks. Sales of coffee pods were fueled by the growth of ecommerce, the fastest-growing channel in the hots drinks industry in 2022.

According to Euromonitor’s spokesman, retail value sales of coffee in Argentina increased by 67 percent in current terms in 2022 to ARS 80.3 billion The instant coffee mix category was the best performing one in 2022, with retail value sales rising by 75 percent in current terms to ARS 5.4 billion. Retail sales in 2022 had a CAGR of 59 percent, hitting ARS 811 billion (CAGR of 15 percent over the forecast period 2022-2027).

Coffee does grow in Argentina; however, it is produced in only a single plantation in the Yungas — a bioregion of a narrow band of forest along the eastern slope of the Andes Mountains from Peru and Bolivia. It emerged in the early 1970s under the name of Café Baritú when authorities in the province launched an ambitious plan to make Northern Argentina a coffee-producing area.

Graciela Ortiz, the owner of Café Baritú in an interview with the Argentinian iProfesional business paper said that the coffee produced on the Salta farm is Arabica. “It is actually a mixture of two Arabicas, one Colombian and the other Brazilian,” he specifies. “It has a very subtle flavour, with fruity, perfumed notes.”

As for coffee, although Argentina is still far from countries like Norway, Finland or the United States in terms of coffee consumption – being stagnant for years at a per capita consumption of only one kilo per year – the sector has shown sustained growth recently, which is mainly due to the rise of popularity of coffee among local customers.

According to a study conducted by the Argentine Coffee Chamber in collaboration with the firm The Brand Bean, today, coffee in Argentina represents 45 percent of the beverages chosen compared to all other beverages and is consumed mostly by people between 25 and 44 years old.

Most local citizens prefer milder coffees instead of stronger roasts as in many European countries. According to some media reports, an average of one kilo of coffee per capita is consumed annually (208 cups) in the country, with the instant variety being the most consumed. Nine out of 10 Argentines prepare it at home and approximately 50 percent of consumers add milk.

Regarding the most chosen varieties, young people seek to customise it and choose to consume cold and instant coffees. On the other hand, those over 35 years of age choose the capsule format.

According to experts of La Nacion, local consumers are increasingly interested in knowing everything about the product: who makes it, what differential attributes it has, what extraction method enhances it, what the differences are between varietals and what the different types of filtering are like. In addition to choosing coffees from more exotic origins, such as Kenya, the Dominican Republic, Honduras or Haiti, they also turn to cold brew when the temperature rises.

Tea-growing & consuming are strong

In the case of tea, retail value sales grew by 62 percent in current terms in 2022 to ARS 21.3 billion. Green tea was the best performing category in 2022, with retail value sales rising by 73 percent in current terms to ARS131 million.

Retail tea sales had a CAGR of 41 percent in 2022, reaching ARS 118 billion (constant value CAGR of 2% over the forecast period).

Tea sales saw growth in total retail volume terms in 2022; resulting from the increasingly positive perception of tea as a healthy option. Argentinian consumers have always been very health conscious, but the outbreak of Covid-19 increased this, with consumers discussing and looking for ways to boost their immune systems. Greater interest has been given to specific functional benefits offered by different tea varieties, particularly those claiming to strengthen the immune system or provide a calming effect. Thus, green tea and herbal/fruit tea have seen strong growth, driven by their functional fortified options.

Argentina has a more robust tea production than that of coffee. According to Argentinian Mitre Y Elcampo business paper, tea production is in the southernmost part of Argentina, located between 26° and 28° South latitude, there are about 6,800 producers with an area of 40,500 hectares. About 94 percent of them are located in the province of Misiones, and the remaining 6 percent are in Corrientes. A characteristic of Argentine tea is its high concentration of polyphenols.

Approximately 90 percent of Argentine tea production is destined for foreign markets and its volume represents almost 2 percent of world consumption. The main destination is the United States, with 70 percent of the production. Currently, Argentina is the main exporter of tea to the United States of America. Other important destinations are Chile, Poland, Russia, Germany; followed by the United Kingdom, India, Malaysia and 30 other countries

The annual volume of tea exports from Argentina are varied in range of 70,000-75,000 tonnes mostly black tea for about USD $75 – $83 million in value terms. Nearly 64 percent of the cultivated area is certified with the RAS Standard (Sustainable Agriculture Network, triple impact).

Tea consumption in Argentina has been steadily growing with the biggest demand being observed in case of gourmet tea. This has even stimulated the development of tea tourism in the region, with the province of Misiones, which is located in the northeastern corner of the country in the Mesopotamia region, at forefront of this.

• Eugene Gerden is an international freelance writer, who specialises in covering the global coffee, tea and agricultural industries. He worked for several industry titles and may be reached at gerden.eug@gmail.com.

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In 2022, the Russian coffee market experienced a price shock, as the average price per cup jumped by 27% to 36%, the Russian issue of Forbes reported, citing local analysts. Although the price had steadily grown since 2019, last year’s hike was outstanding.

Russia consumes 1.5kg of coffee per capita, importing around 230,000 tonnes of coffee beans per year, estimated Marina Petrova, CEO of Petrova Five Consulting, a Moscow-based think tank.

Over the past several years, the consumption growth has been secured by multiple coffee-to-go chains, said Albina Koryagina, partner with a Moscow-based consultancy NEO-Center. These companies put a lot of effort into waking up the market – working on the brink of profitability for years – and eventually succeeded, introducing a coffee-to-go culture to large masses of the Russian population, she explained.

As a result, coffee has become a vital product for Russians, historically perceived as tea lovers, Koryagina said. For ordinary citizens, the price of coffee is an essential indicator of food inflation and the general state of play in the country’s economy. The Russian federal statistical service Rosstat calculates the monthly food inflation ratio valuing the coffee as high as gasoline, sausages and hot water supply.

Almost half of the coffee beans imported to Russia come from Vietnam, and nearly a quarter from Brazil. Both countries have not joined Western sanctions against the Russian economy, but imports suffered nonetheless.

Price matters

As Russia does not grow coffee, the price dynamics on the market are usually tightly linked to the Russian ruble’s exchange rate. In 2022, however, the correlation between these trends surprisingly disappeared, and they even went in the opposite direction. Between February and June 2022, the Russian ruble strengthened from 84 to USD $1.00 to 58 to USD $1.00, while coffee prices skyrocketed.

To some extent, this was associated with a hike in global prices, said Ramaz Chanturia, head of the Russian tea and coffee association Roschaicoffee. Low coffee harvests in Vietnam, Brazil and Indonesia contributed to this trend, he added.

A logistics crunch was another, likely much more important factor. Before 2022, almost all coffee was imported to Russia from Europe. Last year, the sanctions blocked this route, forcing importers to seek alternative supply schemes. Some options were found, but they reportedly appeared to be way more expensive, especially since leading global cargo carriers suspended working with Russia, and almost the entire country’s banking system is disconnected from the SWIFT network.

This year, imports are sustaining new blows. The Russian ruble has weakened by 26% this year as a result of a collapse in export revenues and growing budget spending, making it the third worst-performing global currency this year. During the last 12 months, the Russian ruble lost nearly half its value against the hard currency, notching a psychological barrier of 100 per USD.

As a result, in the next few months, Russian analysts anticipate a new price jump of around 20% to 25%.

Coffee changes taste

In this background, Russian retailers and coffee chains have to seek cost-saving solutions in order to keep their prices as low as possible.

Petrova said that the Russian coffee market is undergoing some big changes. She said that even Russian retailers like Azbuka Vkusa, normally focused on selling premium food, started selling blends with a 50% to 80% share of robusta, while in the previous year, this figure was never higher than 20%. There are also signs that Russian importers have abandoned arabica owing to low demand.

“Distributors’ stocks of high-quality raw materials are running out, and consumers will soon experience changes in the taste of their usual coffee-based drinks,” Petrova said.

The daily morning cup of quality coffee may well become an unattainable dream for a large portion of the Russian population in the near future, admitted Nikolay Vavilov, senior analyst of Total Research, a Moscow-based think tank.

In addition, a mass exodus of Western brands from Russia continues. Recently. JDE Peet’s announced plans to remove its tea and coffee brands: Jacobs, L’Or, Tassimo, Douwe Egberts, Pickwick and Senseo from the country.

The worst part is that all the negative trends hurting the Russian coffee market seem only to gain steam. Alexander Miller, a Russian independent economist, assumed that the Russian ruble could plummet to 130 by the end of the year, owing to an overall gloomy economic outlook. At the same time, Russian logistics companies complained that the external conditions remain harsh for their business, and they must be increasingly creative to keep the imports running.

It is yet to be seen whether the current crisis will lower the Russian coffee consumption figures, but this scenario also should not be ruled out.

• Vladislav Vorotnikov is a Batumi, Georgia-based multimedia B2B freelance journalist writing about the tea and coffee industry since 2012.

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In-Home sales increased organically by 2.2% and in Away-from-Home by 9.0%, resulting in a four-year organic CAGR of 6.7% for In-Home sales and 0.6% for Away-from-Home sales.

Total adjusted EBIT decreased organically by 3.0% to EUR €581 million as an increase in gross profit was offset by an increase in SG&A. Including the effects of foreign exchange and scope changes, adjusted EBIT decreased by 7.9%. Underlying profit – excluding all adjusting items net of tax – decreased by 21.4% to EUR €411 million. This performance was mainly driven by an unfavourable impact from fair value changes in derivatives and forex and a lower level of operating profit and includes an underlying effective tax rate of 23.5%.

Net leverage of 2.8x net debt to adjusted EBITDA at the end of H1 23 was kept well below 3.0x, with a net debt of EUR €4.2 billion at the end of H1 23. Free cash flow was EUR €14 million in the first half of 2023, which was lower than the comparative period in 2022 due primarily to the normalisation of working capital as well as higher capital expenditures. JDE Peet’s’ liquidity position remains strong, with total liquidity of EUR 2.2 billion consisting of a cash position of EUR €0.7 billion (excluding restricted cash) and available committed RCF facilities of EUR 1.5 billion.

Commenting on the results, Fabien Simon, CEO of JDE Peet’s, said, “In the first half of 2023, we delivered resilient financial performance in a category that is globally adjusting in the aftermath of the pandemic, and coping with persistent inflation. Against this backdrop and despite an industry volume decline in Europe, we delivered mid-single-digit top-line growth, driven by our premium product portfolio, E-commerce acceleration and strong performance in the US and in emerging markets.”

In the first half of 2023, JDE Peet’s initiated the transition of an omni-channel organisation in Europe, and towards a local portfolio in Russia. Simon said the company will increase its global consumer reach, with the intended acquisition of Maratá’s coffee and tea platform in Brazil and the launch of L’OR Barista in the US. “While anticipating an acceleration of our organic sales growth in H2, we expect the business environment to remain volatile,” he said. “As there is uncertainty of the impact of the transition from international brands to local brands in Russia, we believe it is more appropriate to guide our full year organic adjusted EBIT growth in the range of a low single-digit increase and low single-digit decrease.”

In the first half of 2023, JDE Peet’s said it has made good progress against its strategic sustainability roadmap and multi-year objectives, with its long-term sustainability agenda is now deeply embedded across the entire organisation and in its strategic decision making. The carbon accounting system has been rolled out and enables the company to track its carbon footprint up to the individual SKU level and allows to have a full view of its carbon reduction performance alongside financial performance.

During the first half of 2023, JDE Peet’s announced its intention to launch a new, fully compostable coffee capsule and a new paper pack for our soluble coffee ranges, which is recyclable and is the first of its kind in the coffee market. The company said the coffee from this new paper pack will generate the lowest carbon footprint within its existing range of products.

In addition, JDE Peet’s has become a member of the ILO Child Labour Platform, to tackle the root causes of child labour in the coffee supply chain, and it published its Water Stewardship Policy and its Nutrition Policy.

Since the start of the war in Ukraine, JDE Peet’s has sought to ensure that its business in Russia is operated as a stand-alone business to the greatest extent possible. The company has now taken the next step by transitioning to a local portfolio of brands, which resulted in a non-cash impairment of EUR €185 million of the Jacobs brand in H1 23 and is expected to lead to meaningfully lower contribution from Russia in H2 23.

JDE Peet’s expects the business environment to remain volatile and vulnerable for the remainder of 2023. As there is uncertainty on the impact of the transition from international brands to local brands in Russia, the company now expects to deliver the following for full-year 2023:
• Organic sales growth at the high end of its medium-term range of 3 – 5% (unchanged)
• Adjusted EBIT to fall within the range of a low single-digit organic increase and a low single-digit organic decline (updated)
• Net leverage below 3.0x, with Free Cash Flow of around EUR 400 million, post normalisation of working capital, confirming an ongoing run-rate of EUR 1 bn on a 3-yr average (additional)
•A stable dividend (unchanged)

Total reported H2 2023 sales increased by 2.4% to EUR €3.988 million. Excluding a -1.6% effect related to foreign exchange and 0.4% related to scope and other changes, total sales increased by 3.5% on an organic basis, with 3 out of 4 segments growing between 5% and 10% organically. Organic sales growth reflects a price effect of 6.8% and a volume/mix effect of -3.3%. In-Home sales increased organically by 2.2% and in Away-from-Home by 9.0%, resulting in a 4-yr organic CAGR of 6.7% for In-Home sales and 0.6% for Away-from-Home sales.

Total adjusted EBIT decreased organically by 3.0% to EUR 581 million as an increase in gross profit was offset by an increase in SG&A. Including the effects of foreign exchange and scope changes, adjusted EBIT decreased by 7.9%.

H2 2023 Financial Review by Segment
Europe delivered a sequential improvement versus H2 22, although slower than originally anticipated. Organic sales growth of 0.3% was driven by an increase in price of 8.9% and a decrease in volume/mix of 8.6%, as positive volume/mix performance in the Away-from-Home business was more than offset by a volume/mix decline in the CPG business.

Notable strong performance was delivered by countries such as France, Switzerland and most Eastern European markets and brands including L’OR, Kenco and Pickwick. Reported sales decreased by 0.2% to EUR €2.268 million, including a net effect of -0.4% from foreign exchange and changes in scope/other. Adjusted EBIT decreased organically by 8.4% to EUR €476 million in H1 23, due to lower volumes, inflationary pressure, and due to an increase in advertising spend. Based on a 4-yr CAGR, the organic adjusted EBIT growth was -4.4%.

LARMEA: Organic sales growth of 10.0% was driven by an increase of 7.0% in volume/mix and 3.0% price. Volume/mix performance continued to be broad-based across most geographies, product portfolio and price points, with notable strong performance delivered by countries such as Ukraine, Morocco and Mexico. Reported sales increased by 5.6% to EUR €734 million, including a net effect of -4.5% from foreign exchange and changes in scope/other. Adjusted EBIT increased organically by 17.4% to EUR €125 million in H1 23. Based on a 4-yr CAGR, the organic adjusted EBIT growth was 19.1%.

Peet’s Organic sales growth of 8.6% was driven by an increase of 5.0% in price and 3.5% in volume/mix. Same stores sales and ticket size were up in Peet’s’ US coffee retail stores, and Peet’s CPG business continued to deliver competitive growth. Reported sales increased by 9.8% to EUR €576 million, which included a positive foreign exchange effect of 1.3%. Adjusted EBIT increased organically by 10.1% to EUR €67 million. Based on a 4-yr CAGR, the organic adjusted EBIT growth was 10.3%.

APAC: Organic sales growth of 4.7% was driven by an increase of 4.5% in price and 0.3% in volume/mix. Positive volume/mix and organic sales growth performance in most CPG businesses was partly offset by relatively soft performance in select Away-from-Home businesses. Sales performance was geographically broad-based and supported by strong brand performance from brands including Campos, Moccona and Super. Reported sales increased by 1.8% to EUR €397 million, including a foreign exchange effect of -2.9%. Adjusted EBIT decreased organically by 21.6% to EUR €51 million in H1 23, primarily impacted by one-off costs related to a temporary supply chain disruption connected to one of our main manufacturing facilities in the region. Based on a 4-yr CAGR, the organic adjusted EBIT growth was 4.7%.

Summing up JDE Peet’s H2 2023 and looking ahead, Simon said, “We continue to be guided by our renewed strategic framework to become more global, more digital and more sustainable. We are now very pleased to witness the in-market outperformance of JDE Peet’s globally from the disciplined execution of our strategic priorities.”

For the full and original version of the press release click here.

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Maratá’s coffee and tea business is predominantly present in the northern part of Brazil through its longstanding and well-known brands Café Maratá and Chá Maratá. The business employs around 1,200 employees, operates two manufacturing plants and sells its products through a dense and well-established distribution network.

Upon completion, the acquisition will complement JDE Peet’s’ existing portfolio of brands primarily sold in the southern regions of Brazil. The acquisition will increase JDE Peet’s’ scale and national coverage in Brazil, a market which offers compelling prospects for both volume and value growth. As a result, the acquisition offers long-term value creation potential through attractive revenue and cost synergies.

Commenting on the acquisition, Fabien Simon, CEO of JDE Peet’s, said, “Over the last three years, we have been focused on transforming JDE Peet’s into a faster growing, correctly invested, and more sustainable company. We are now ready to take the next step and continue our disciplined path of geographical expansion and diversification. I am therefore very pleased with the opportunity to buy Maratá’s well-run coffee and tea platform in Brazil, an attractive market we know well and where we have successfully made acquisitions in the past.” He noted that following its completion, “this acquisition will represent a highly complementary proposition to our existing business in Brazil, which has been building strong momentum in recent years, allowing us to serve more cups across a full range of price points and product offerings while expanding our regional presence in Brazil.”

José Augusto Vieira, founder of JAV Group, added, “Since Maratá was founded over 50 years ago, we have stayed true to our mission of providing innovative, socially responsible, and high-quality products to consumers across Brazil. I am very proud of the strong and successful coffee and tea platform we have built, and I am very pleased that by handing over our coffee and tea business to JDE Peet’s, the world’s leading pure-play coffee and tea company, we are securing the long-term development and success of this great business.”

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Commenting on the launch, Fabien Simon, JDE Peet’s CEO, said, “This is an important step in driving the sustainability agenda of our company and yet another sign of our leadership in innovation. We know that reducing packaging and promoting recyclability and reusability are increasing consumer needs. By providing more sustainable solutions within soluble coffee, one of the world’s most beloved and consumed beverages, we can maximise our positive contribution in decarbonising our own portfolios and the coffee market as a whole.” 

JDE Peet’s is working to reduce the amount of packaging material and associated carbon emissions, used in both manufacturing, transport, and end-of-life disposal. This new paper pack directly supports the company’s effort of minimising its carbon footprint across its entire value chain and its goal of moving towards 100% of packaging designed to be reusable, recyclable, or compostable by 2030. In line with this, in 2022, JDE Peet’s set targets validated by the Science Based Targets initiative (SBTi) to reduce emissions across scopes 1, 2 and 3. 

The new range will be available in selected markets across multiple brands of JDE Peet’s’ portfolio as of 2024. 

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“This targeted co-funding by our membership kick-starts our work, catalysing transformational change around living income, climate adaptation and sustainability for over one million coffee farmers around the world,” announced GCP executive director, Annette Pensel. “Today, we celebrate the commitment of JDE Peet’s, Melitta Group, Mother Parkers’ Coffee & Tea, Nescafé, Nespresso, ofi (olam food ingredients), Rabobank and Westrock Coffee Company. These companies are taking collective action to the next level to propel coffee sustainability.”

GCP 2.0’s farmer-centric approach entails focused local collective actions in coffee producing countries together with local stakeholders, complemented with a global drive to increase sustainable sourcing.

Sharing responsibility

Despite many years of efforts and certain sustainability advancements, the sector is still facing profound challenges to sustainability. More than half of coffee farmers around the globe are challenged by poverty, and coffee supply is threatened by climate change and increasing regulatory requirements.

“To unlock coffee’s potential as both an engine of socio-economic growth and nature-based solution to climate change, we urgently need transformational change with strategic action and bold investments within supply chains and, importantly, beyond it. Durable change comes only with focused solutions that are owned by coffee growers themselves, supported by public, private and NGO partners.”

Collective action locally and globally

“GCP has demonstrated that change beyond supply chains is possible when GCP Member companies work with our NGO and government partners through collective action,” says GCP board chair, Carlos Brando. “This pre-competitive collaboration is crucial to generating adequate level of investment and change. No one company can be effective by itself. Collective action is essential to not just ensuring compliance but also accelerating measurable sustainability at scale.

“We are grateful that these GCP Members have stepped forward with this initial round of co-funding. This will lay the groundwork to bring ambitious solutions to over one million coffee smallholders.”

The combined $1.5 million investment enables GCP to grow, attracting new talent and further revenue, including public co-funding that is key to accelerate the first six entrepreneurial country programmes to investment-ready levels and support the development of aligned measurement in the form of GCP Country Reports.

“While achieving transformational change on farmers prosperity for one million coffee farmers seems like an ambitious goal, today marks an exciting first milestone for GCP and an indication that we can transform the industry together,” said Pensel.

For more information click here.

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This proposed organisational change will enable the European markets to apply a true omnichannel approach, a model the company successfully applies in all its other markets. Additionally, it will allow the company to leverage its brands more effectively and reduce complexity.

Commenting on the announcement, Fabien Simon, CEO of JDE Peet’s, said, “Over the last couple of years, we have successfully implemented various initiatives that have strengthened the foundations and improved the performance of our Out-of-Home business. However, we operate in a dynamic environment, and how our customers and consumers engage with us, buy our products, and use our services continues to structurally evolve. Combining our Out-of-Home and CPG Europe segments will allow us to better leverage our brand power and unlock value.”

If these proposed changes are effectuated, JDE Peet’s will align its segment reporting with the new organisational model. The reporting of the other segments and the total company is not subject to change. The proposed changes described above are subject to information and/or consultation as applicable regulations require.

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The new publication provides insights on the sustainable coffee purchases of JDE Peet’s, Melitta Group, Keurig Dr Pepper, Nestlé, Strauss Coffee, SUPRACAFÉ, Tesco and Westrock Coffee, all of whom have committed to disclosing their responsible sourcing progress using aligned, comparable metrics. According to GCP, the eight leading coffee companies have taken exemplary public action by transparently sharing their sustainable coffee purchase volumes in the new report, published on Tuesday.

“Over the past four years, innovative Collective Reporting of Sustainable Coffee Purchases from prominent coffee companies in GCP’s Snapshot has provided transparent information showing the sector how increases of sustainable coffee purchases are expanding the global marketplace for sustainable coffees,” said GCP executive director, Annette Pensel. “As regulatory, financial and reporting environments continue to evolve, GCP Snapshot partners are providing substantial leadership, actions, and impact to foster increased production and consumption of sustainable coffees throughout the world.”

This year’s report is the result of GCP’s expanding collective reporting efforts, which has included new participating GCP Members, new reporting features, and an expansion of sustainability schemes eligible for reporting by using the GCP Baseline Coffee Code as a reference. The following GCP-recognised sustainability schemes have been included for reporting on 2021 volumes:

•3rd Party Schemes: 4C, Certifica Minas, Fairtrade, Rainforest Alliance/UTZ, and Starbucks’ C.A.F.E. Practices;
•2nd Party Schemes: Ecom’s SMS, Enveritas Gold, Enveritas Green, Nespresso AAA, ofi’s AtSource Entry Verified and AtSource Plus, LIFT by Mercon, and Neumann’s NKG Bloom.

Highlights of the GCP Snapshot include data on the increasing share of sustainable coffee purchases as reported by GCP Members for 2021, climbing up to 1,254,141 MT (55% of total received green coffee – a relative increase of 29% compared to 2020). The report also presents the breakdown of purchases per participating company, as well as a feature on companies’ sustainable coffee purchases according to sourcing regions. Moreover, it offers insights into origin diversity (sustainable coffee purchases received from 33 coffee-producing countries), and the shares of sustainable coffee purchased according to different GCP-recognised sustainability schemes.

“While important work is underway, even bolder individual and collaborative efforts are needed to achieve transformational change that results in economic viability of sustainable coffee farming and a living income for producers and workers while preserving nature and addressing climate change, effectively,” said Pensel. “We’re excited by the progress made and look forward to welcoming more roasters and retailers reporting in the next GCP Snapshot.”

The full report is available to read here.

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As research cites coffee as a crop significantly threatened by climate change (per Grüter et al, 2022: “Expected global suitability of coffee, cashew and avocado due to climate change.”), Enveritas’s data-based system measures conditions at the point of origin to identify farmers and communities most in need of agronomic and other assistance, and tracks progress of impact projects to ensure community support is effective.

“This responsible sourcing achievement is the result of a multi-year data collection process to verify the conditions and practices of the more than 59,000, mostly small coffee farms in 24 regions around the world who supply coffee beans for Peet’s Coffee,” said Doug Welsh, vice president and roastmaster of the Emeryville, California-based roaster retailer.

In 2016, Peet’s Coffee began working with Enveritas because the non-profit offers a different way of addressing sustainability – an approach where producers access free verification of their practices, while encouraging a deeper understanding and commitment to solving the most challenging sustainability issues in their local community. Working collaboratively, Peet’s and Enveritas designed a custom coffee-specific verification program that uses, among other techniques, artificial intelligence (AI) and geo-spatial technology to gather independent, data-rich reports of conditions on coffee farms.

These conditions are verified against 30 sustainability standards set by Enveritas, which has performed more than 20,000 annual audits across Peet’s coffee supply chain. Peet’s shares the results of these audits with its suppliers and, if issues are identified, collaborates with importers, governments, non-profits, competitors and, most importantly, its farmer partners to develop impact projects tailored to the needs of farmers and their communities. Peet’s currently operates 39 social and environmental impact programs in 24 regions.

“Coffee is more than a source of energy or enjoyment for the millions of people worldwide who farm coffee for their livelihood, as a family legacy and way of life,” said Welsh. “At Peet’s, responsible sourcing requires that we identify challenges, invest in projects that improve lives, and then measure that progress. The reach of this accomplishment – applying consistent sustainability standards to all the coffee we roast – is just the beginning. If we can achieve this across our global system at Peet’s, other coffee roasters can as well. Our collaborative approach will help advance progress and create more tailored, relevant support for coffee farmers and their home communities.”

Over several decades, Peet’s Coffee’s sourcing experts, led by Welsh, have worked to better understand challenging social and environmental conditions on coffee farms and the impact on smallholder farmers, who produce more than 60% of the world’s coffee. Peet’s Coffee has established viable sourcing systems and partnerships with highly credible organisations including World Coffee Research, TechnoServe and Enveritas to inform the company’s practices and achieve greater reach in improving coffee production.

“Many coffee companies are satisfied with paying for a label that says their coffee is certified, but few companies are actually tracking that data to determine opportunities for change and real progress,” said David Browning, CEO of Enveritas. “Peet’s Coffee came to us several years ago with the challenge to customise a data collection system to track actual practices in the regions where they source coffee beans. The company wanted to know with certainty how Peet’s coffee is grown and then help improve conditions within each community through targeted projects. The verification audits we perform are rigorous, and the data details actual practices in place for accuracy and year-over-year analysis. It is a model that will help individual producers and the industry evolve to better address climate change and other associated, complex challenges.”

Accelerating Peet’s Coffee’s pioneering collaboration with Enveritas, global partner, JDE Peet’s, the parent company of Peet’s Coffee, recently announced it will increase its responsibly sourced coffee from 30% to 80% by the end of 2022.

Peet’s Coffee will continue to provide timely updates on its efforts to drive positive impact. For more information about Peet’s verification process and Sourcing with Impact programs, visit: peets.com/impact.

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In 2021, Peet’s Coffee, the US subsidiary of JDE Peet’s, reached 100% responsibly sourced coffee through its partnership with Enveritas, a non-government organisation that has developed a new, data-driven approach to sustainability assurance. Enveritas offers a different way of addressing sustainability – an approach where producers access free verification of their practices, while encouraging a deeper understanding and commitment to solving the most challenging sustainability issues. To date, Enveritas has verified more than 200,000 coffee farms around the world against a complete set of sustainability standards. JDE Peet’s will now leverage the partnership with Enveritas across its broader coffee supply chain, allowing it to reach its ambition of 100% responsibly sourced coffee by 2025.

“JDE Peet’s is deeply committed to creating a sustainable future for the customers and consumers we serve while creating long-term value for the business and our stakeholders,” said Fabien Simon, CEO of JDE Peet’s. “Being the world’s leading pure-play coffee and tea company comes with great responsibility to ensure the resilience of the global coffee supply, in an authentic, inclusive and regenerative way. With this partnership and increased investments, we are elevating industry standards, and are committed to play our part to create a better future for our farmers, their families and the entire coffee ecosystem.”

These announcements form an integral part of JDE Peet’s’ Sustainability programme, which aims to partner with suppliers, NGOs, and others to address key sustainability challenges in the countries from which JDE Peet’s sources its coffee, tea and other agricultural ingredients. Through this programme, the company has already reached over 470,000 smallholder farmers with more than 50 collaborative projects across 18 countries since 2015.

“We touch all stages of the coffee and tea ecosystem, from farmers to consumers, and therefore have an obligation to develop both near- and long-term solutions to protect the world we live in,” said Laurent Sagarra, global quality and sustainability director of JDE Peet’s. “Setting this ambitious target is part of our journey to lead the way in creating a more sustainable future.”

Today’s announcement follows the company’s recent commitments to SBTi-approved greenhouse gas emission reduction targets across its value chain. To learn more about JDE Peet’s’ sustainability journey, please visit jdepeets.com/sustainability.

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“Building on our trusted relationship, we are excited to broaden the partnership between IDH and ACOM, with this credit facility to smallholder coffee farmers,” says Roel Messie, chief executive officer of IDH Farmfit Fund. “The programme will provide farmers with access to finance, while diversifying their sources of income and becoming more climate resilient. It’s a great example of synergy and impact — exactly what the IDH Farmfit Fund is designed for.”

Backed by IDH Farmfit Fund’s loan, the benefits of ACOM’s input financing programme are extensive — allowing participating smallholders to increase farm productivity, yield and income, while reducing production costs. The farmers will be supported across all areas of their businesses including agronomist advice and greater access to high-quality fertilizer and seedlings, with which they can increase crop output while diversifying sources of income and improving climate resilience. The credit facility is accompanied by an innovative risk sharing structure, plus an environmental and social action plan, based on the IFC Performance Standards.

“Both IDH and ACOM share the ambition to close living income gaps and strengthen smallholder livelihoods by enhancing their economic activities in a sustainable way,” says Jordy van Honk, global director of Agriculture Commodities at IDH Farmfit Fund. “Leveraging our partnership of the last four years, it is exciting to see this work being scaled through such an impactful transaction that has the potential to improve the livelihoods of thousands of smallholder farmers.”

“Together with IDH Farmfit Fund, ACOM and SMS are honoured to enter the next phase of collaboration,” says Angus Dunbar, Vietnam country manager at ACOM. “The program will significantly help farming households, middlemen and cooperatives cope with a challenging environment, particularly as input prices have been heavily impacted by Covid-19 and war crises.”

Programme History

Between 2015 and 2018, ACOM completed a Service Delivery Model (SDM)analysis on approximately 1,500 farmers, to gain insight into their households and farm profiles, their farm management practices, their production methods, and their environmental performances. The SDM was completed in collaboration with IDH’s Coffee Program and Vietnam team, and Jacobs Douwe Egberts (now JDE Peet’s).

“Through our Common Grounds program and as an investor in the IDH Farmfit Fund, we are proud to partner with IDH and ACOM to promote sustainable coffee programs in Vietnam,” says Do Ngoc Sy, sustainability manager of JDE Peet’s in Asia and the Pacific. “This partnership will help us to deliver on our commitment towards 100% responsibly sourced coffee by 2025, and support the livelihoods of smallholder coffee farmers.”

The SDM results showed that farmers can improve their income and livelihoods by improving their production practices, reducing production costs, and increasing resilience through climate adaptation practices. Based on the SDM’s results, the adoption of these practices contributed to a net profitability increase of 40% (in 2018 vs SDM baseline in 2015) for the participating farmers.

Input Financing Pilot

As a direct outcome of the SDM, ACOM financed SMS to implement an input financing pilot with 300 coffee farmers. The pilot showed promising results as farmers reduced input costs by over 10%, reduced financing costs by 8%, and reduced loan book losses to less than 2%[1].

Funding Risks & Reluctance

Around the world, an estimated 270 million smallholder farmers live in poverty because they lack the financial means to invest in their farms to make them more profitable. They also produce an estimated 70 to 80% of the world’s food supply. Financial institutions are often reluctant to invest in these smallholder farms due to stigmas and perceived high risks, which drive up interest rates and make loans unaffordable for majority of farmers. To counter this, the IDH Farmfit Fund’s innovative financing model makes investments in smallholder farmers more attractive, as the Fund takes on the high-risk positions in farmer-related transactions to reduce the risk currently born by borrowers and lenders. In doing so, the Fund catalyses commercial capital to coinvest in this sector.

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“JDE Peet’s is deeply committed to an inclusive growth model. Today’s announcement of our GHG emissions targets formalises our commitment to climate action, a key focal point within our sustainability journey, while creating long-term value for the business and our stakeholders,” said Fabien Simon, CEO JDE Peet’s.

“In addition, we are committed to reviewing these targets within the next five years and assessing the potential to further enhance our goals to a 1.5°C trajectory on the way to reaching net zero GHG emissions across our full value chain by 2050.”

JDE Peet’s’ approach to sustainability is focused on building collaborative partnerships and prioritising areas where it has the greatest potential impact, the company says. Its end-to-end approach to reduce GHG emissions across its value chain focuses on two key areas:

Minimising operational footprint:

• Further increase the efficiency of resources across JDE Peet’s global manufacturing network;
• Continue to grow the share of renewable electricity throughout business operations;
• Replace fossil fuels with green alternatives wherever feasible, such as using spent coffee grounds as fuel in operations.

Addressing the footprint of the value chain:

• Work towards 100% responsibly sourced coffee, tea, and palm oil by 2025 through its Common Grounds programme;
• Minimise the environmental impact of JDE Peet’s packaging by reducing the amount of packaging it needs, designing its packaging to be reusable, recyclable or compostable, and increasing the share of recycled packaging post life-cycle;
• Explore low-carbon logistics options for our inbound and outbound transport across the value chain.

To learn more about JDE Peet’s’ sustainability journey, visit the company’s website.

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The on-trend Cold Brew Pure Instant coffee innovations launched in June 2021, have seen encouraging growth and consumer responses, in the highly competitive Chinese market. The Maxwell House range offers consumers a Cold Brew Pure Instant coffee in the form of a 1.8g shot, while the Moccona range provides a premium and stronger alternative in the form of a 2.8g Cold Brew Pure Instant coffee shot.

The rise of the Instant Specialty segment supports the strong growth and premiumisation of the coffee category in China, alongside traditional tea drinking rituals. Through these types of innovations JDE Peet’s will continue building its credentials while blurring the lines between the traditional single serve and instant coffee categories and creating exciting new coffee experiences for the next generation of coffee consumers.

The company noted that the new range has received consistently positive feedback, highlighting a consumer preference for the product’s stronger taste and functional packaging. JDE Peet’s will continue to learn and build on the success of this range with the goal of offering consumers new and exciting products in the future.

“JDE Peet’s is committed to supporting the growing trend of Chinese coffee consumption and we are working closely with our strategic partner Hillhouse Capital to continue to develop and expand our range of innovative products,” said Frank Wang, general manager, JDE Greater China. “The level of consumer interest in the new Maxwell House and Moccona range reaffirms our strong brand portfolio and demonstrates our continued commitment to meeting the evolving needs of Chinese coffee consumers by accelerating our premiumisation agenda and continuing to blur the lines between traditional coffee categories in Asia.”

This launch demonstrates the company’s accelerating ambitions for the Chinese market where “on-the-go” coffee consumption continues to fuel local coffee segment growth. In 2020, JDE Peet’s doubled its network of coffee stores in China, and has continued this trend in 2021, with an additional 40 Peet’s coffee stores opening during the first half of 2021.

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Founded in Sydney in 2002, Campos Coffee is available in over 600 cafés and present in multiple channels including direct-to-consumer, retail, and its own flagship cafés. Over the years, the Campos team has built a strong and growing business which complements JDE Peet’s Australian coffee business in both the out-of-home and retail segments. General manager, JDE Peet’s Australia & New Zealand, Albert Moncau, said, “The Campos team has built an incredible brand and network across Australia, delivering award winning and consistently outstanding coffee to their customers. The business is a perfect fit for us, and we look forward to welcoming the Campos team to our world of coffee and tea, learning from each other’s expertise, and building on their award-winning coffee experience.”

The founder of Campos, Will Young, added, “We are incredibly proud of what we have achieved from our humble beginnings on the streets of Newtown in Sydney. The transaction will enable the Campos brand to further unlock its true potential. JDE Peet’s has become Australia’s leading pure-play coffee business by respecting the heritage and uniqueness of local coffee brands. We are confident that Campos can and will continue to grow under their stewardship by continuing to focus on what made us Australia’s number one specialty coffee brand – high quality coffee and great service to our café partners.”

Terms of the deal were not disclosed but pending limited pre-closing conditions, the transaction is expected to be completed during July 2021.

JDE Peet’s portfolio in Australia includes L’OR, Moccona, Harris, Piazza Doro, Espresso Di Manfredi, Two Seasons and Pickwick. In 2020, JDE Peet’s generated total sales of EUR €6.7 billion (USD $8.04 billion).

In 2020, Campos generated revenues of approximately AUD $50 million (approximately USD $38 million) and expanded its availability offering premium whole bean blends online and in selected Woolworth’s supermarkets.

For more information, visit: www.jdepeets.com or www.camposcoffee.com.

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Podback, a not-for-profit organisation, is the UK’s first cross-industry collaboration of its kind within the coffee sector, providing easy ways for UK consumers to recycle coffee pods.

Launching in early 2021, the scheme will initially cover brands including Nespresso, Nescafé Dolce Gusto and Tassimo – representing the majority of the UK market – and the ambition is to expand the programme to include all coffee brands that use plastic or aluminium pods in the UK.

The move comes as new research reveals confusion amongst consumers, with more than a third (35%) of coffee pod drinkers unaware that pods can be recycled, and nine in 10 (90%) stating that they’d like to be able to recycle their coffee pods through their usual household recycling.

Guillaume Chesneau, managing director, Nespresso UK and Ireland, and board director of Podback, said: “As co- founders of the scheme, as well as pioneers of the minimal-waste portioned coffee system, we are excited to build on our strong existing recycling services already in place. Our ambition is to create a powerful end-to-end recycling solution, available to all, and Podback demonstrates our commitment towards achieving this important goal.

“We are working closely with manufacturers, retailers and local authorities and calling upon them to join us and ensure the scheme has maximum impact.”

Toby Bevans, marketing director, JDE UK and Ireland, and board director of Podback, said: “We are proud to be a co-founder of Podback in the UK, working to ensure that every pod enjoyed, is easily recycled.

“Together with Nestlé, we are calling on the entire industry to put commercial rivalries aside and collaborate, working together with other brands and retailers to make it as easy as possible for our consumers to recycle their pods.”

Podback will expand recycling options for coffee pods in three ways:

• Collect+: Consumers will be able to take their used coffee pods to their nearest Collect+ delivered by Yodel drop-off point. There are more than 6,500 drop-off points in local stores across the UK, open seven days a week.
• Kerbside collection: In a pioneering effort to make recycling easier for consumers, coffee pods will be collected alongside regular household waste and recycling. This has not previously been possible within the UK’s waste infrastructure. Exeter City Council, Cheltenham Borough Council and South Derbyshire District Council are in advanced discussions with Podback to become the first confirmed partners, meaning that from launch, over 330,000 residents living in these areas will be able to have their pods collected alongside their household waste and recycling. Podback is in live discussions with several other local authorities to have collections operational at launch, with ambitious plans to expand across the UK.
• Retailer ‘handover at home’: Podback is reportedly in ongoing discussions with retailers to facilitate a ‘handover at home’ option, meaning that consumers can have their used coffee pods collected for recycling when they have their groceries delivered. While this is unlikely to be ready for launch, Podback partners are working hard to make this a reality as soon as possible.

Councillor Chris Coleman, cabinet member Clean and Green Environment, Cheltenham Borough Council, said: “We’re pleased to be working with Podback, as one of the scheme’s first local authority partners, to offer our residents a simple way to recycle their coffee pods from their homes, particularly now many of us are doing more home working. Recycling is one of the easiest steps we can all take to protect the environment, and we’re looking forward to bringing this scheme to our residents early next year.”

Collected pods will be taken to re-processors in the UK to separate the packaging from the used coffee grounds before being recycled into a range of everyday products.

Richard Howatson, business unit manager, Nescafé Dolce Gusto and Starbucks at Home: said: “There is power in collaboration and we know that by joining forces we can have even greater influence over the recycling rate of pods. Over the months ahead, we’ll be working closely with local authorities and other partners to make this a reality through Podback – meaning coffee drinkers will have a simple and effective way to recycle their pods, whichever brand they choose.”

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Known as JDE Peet’s, it will be anchored by brands such as Peet’s Coffee, the founder of specialty coffee and a leading super premium brand in the United States, as well as several global brands, including L’OR, Jacobs Coffee, Douwe Egberts, Senseo, Tassimo, Moccona, Kenco, Pickwick and Pilão. 

The JDE Peet’s brand portfolio will include coffee brands that offer consumers a broad range of choices that include traditional roast and ground coffees, soluble coffee, on-demand systems with innovative proprietary platforms such as Senseo and Tassimo, and products compatible with other popular coffee systems. JDE Peet’s will be present in more than 140 countries and have revenues of approximately €7 billion, benefiting from the high growth of the coffee category in both developing and developed markets.

The exploration of an IPO is a key milestone in the partnership between Acorn Holdings B.V. (which includes controlling shareholder JAB and BDT Capital) and Mondelez International.  As part of preparing for the IPO, Peet’s Coffee chief executive officer, Casey Keller, will become CEO of JDE Peet’s, effective January 2020.  Frederic Larmuseau, who has decided to step down from his role as CEO of JDE, will remain at JDE as a special advisor to the board and the CEO. 

Olivier Goudet, chairman of JDE and chairman of Peet’s Coffee, said: “We are excited that Casey will assume the role as CEO of JDE Peet’s as we continue further building upon the company’s strong track record of growth and expansion. We are proud of what we have accomplished at JDE and Peet’s but believe with our IPO the best years of growth and shareholder value creation are ahead of us with our newly combined company.  I want to thank Frederic for his stewardship in driving JDE’s growth and development.”

Casey Keller said: “JDE Peet’s is an exceptional business with some of the most beloved coffee brands in the world, and I am excited to lead the company in its next phase of growth. With our leading positions in many important markets, supported by all the great people in our organisation, we are well-positioned to continue achieving strong long-term growth”.

Mr. Keller has been the CEO of Peet’s Coffee since 2018, after 25 years of leadership roles in the global FMCG industry including at P&G, Heinz, Mars Wrigley, and Alberto Culver.

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