, values greatness over growth, has doubled in revenue since Cindi took over in 2005, now with $200 million in annual revenue.
As Cindi’s experience at the company grew, so did the pushback. She proposed a line of holiday-themed teas, but David didn’t have any interest in flavors like pumpkin spice or eggnog. Then came a push into natural grocery stores, but he disliked the idea of piling on more costs to get shelf space and consumer awareness. The tense arrangement lasted for years and wasn’t sorted out until Cindi called a family meeting to unload on her 79-year-old father.
Bigelow now produces two billion tea bags from its three plants every year, feeding a product line that comprises 150 flavors. It shuns the more industrial “cut-tear-curl” drying practices as well as buying cheap tea like a popular kind used by many competitors, which is officially classified as “dust.
It has also defied an industry consolidation trend, led by Unilever, which has rolled up brands like Lipton, Pure Leaf, Pukka and, most recently, Tazo,for $384 million in 2017. Bigelow, the only independent top-selling tea company left, would likely fetch far more, and PE firms and public companies call at least once a week, Cindi says. So far they’ve all been rebuffed.
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Source: Forbes - 🏆 394. / 53 Read more »