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Bloomberg Goes Behind the Scenes of the JAB Coffee ‘Saga’
Bloomberg this week published a fascinating behind-the-scenes view (paywall) of the billionaire Reimann family’s coffee-related money. In the piece, called “Secretive Dynasty Missed Out on Billions While Advisers Got Rich”, the news agency notes the immense wealth obtained by Peter Harf and Oliver Goudet in their positions as advisors and employees while spending $30 billion to build the JAB coffee dynasty. “The saga underscores the risks and pitfalls associated with the opaque world of private capital and the significant power wielded by those in charge of it,” the piece states.
JDE Peet’s CEO Abruptly Steps Down
Coffee giant JDE Peet’s, which was formed through a JAB Holding Company-led merger, announced that interim CEO Luc Vandevelde has stepped down due to “unforeseen matters.” Current CFO Scott Gray is taking over the position as a CEO search continues.
Westrock Coffee Company Shows Net Loss of $17.8 Million in Q2
Arkansas-based private label coffee company Westrock Coffee reported its second-quarter earnings last week, showing a net loss of $17.8 million for the quarter, compared to a net loss of $26.8 million for the second quarter of 2023. The company has made substantial facility investments in recent years.
New Insurance to Protect Kenyan Coffee Farmers from Drought
Liberty Mutual Reinsurance (LM Re), Sprout Inc. and the Kenyan insurer Britam have launched an insurance product designed to protect Kenyan coffee farmers from losses due to drought. The product is triggered by specific weather events, according to a press release.
Vietnam’s Phuc Sinh Corp Gets Up to $25 Million in Green Loan
Vietnamese coffee and pepper producer Phuc Sinh Corp. will receive a loan of as much as $25 million from SAIL Investments’ Netherlands-based &Green Fund, which is associated with sustainable investments. The investment will be used to ensure EUDR compliance, according to a Bloomberg report.
New Starbucks CEO to Receive $117 Million Plus Perks
Incoming Starbucks CEO Brian Niccol, who is currently serving as CEO of Chipotle, is receiving a compensation package worth at least $117 million plus perks, according to a QSR report.
Starbucks Opens First Shop in Ecuador
Starbucks Coffee has opened its first shop in Ecuador, inside a shopping center in Quito, with five shops planned for the South American country by the end of 2025.
Here’s Some More Celebrity Coffee with Big Talk
Reality celebrity Jackie Siegel joined the celebrity coffee game with the launch of Queen of Versailles Coffee. The company says its mission is to be “the world’s first ultra-premium coffee brand.”
Highlights from the Global Coffee Platform Assembly
The nonprofit Global Coffee Platform shared some highlights from its recent annual assembly in Amsterdam. The event brought together more than 130 participants.
Blue Bottle Opening Singapore Gift Shop
Blue Bottle Coffee is making its debut in Southeast Asia with a gift shop at the new LUMINE Singapore global flagship store in Raffles City Shopping Center, opening Aug. 27.
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ICYMI
Here are some of DCN’s top stories from the past week…
Muungano Cooperative photo by Glody Murhabazi, courtesy of Atlas Coffee Importers.
Support a Pioneering DRC Cooperative Affected by Rebel Conflict
A long-running cooperative has been severely impacted by rebel conflict. Several coffee companies have banded together to lend support… read more
Artisan V3 Software Launches Supporting Roastery Scheduling
Artisan, an open-source software for specialty coffee roasters, has launched a new version of its platform, Artisan V3. The update includes advanced features for scheduling and workflow management… read more
Check Out Kota Kai Cafe From The Coffee Library in Asheville
The owners of The Coffee Library in Asheville, North Carolina, have opened a new cafe called Kota Kai. The spot features an extensive selection of single-origin coffees… read more
World Coffee Research Names Private Partners for Six-Year F1 Hybrid Variety Trial
World Coffee Research (WCR) has announced the private partners participating in a six-year trial of F1 hybrid coffee varieties. These trials are expected to play a crucial role in the future of coffee cultivation, offering potentially significant benefits for both productivity and resilience… read more
Brooklyn’s Pueblo Querido Coffee Expands to New Borough: Queens
Pueblo Querido Coffee, a Colombian coffee company based in Brooklyn, is expanding to Queens. Known for its warm atmosphere and commitment to quality, the cafe will bring its unique coffee experience to a new neighborhood… read more
Palestine Shines in Berkeley at Jaffa Coffee Roasters
Three Palestinian-American brothers opened a coffee shop and bakery in Berkeley, California, called Jaffa Coffee Roasters, celebrating the culture and flavors of their heritage while embracing modern specialty coffee concepts… read more
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