Peet's Coffee sold to German conglomerate

It had been rumored that Starbucks was interested in buying Peet's.

And this final note, a bit of buzz in the caffeinated world of upscale coffeehouses.

The Bay Area-based Peet's Coffee and Tea has been sold. But if you think it's about to get a familiar green Starbucks awning. it's not.

A German luxury goods conglomerate bought Peets for $977 million, and it joins the high-end likes of Bally and shoemeister Jimmy Choo in the company's portfolio. Peet's headquarters will stay in Emeryville, Calif.

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Tess Vigeland is the host of Marketplace Money, where she takes a deep dive into why we do what we do with our money.


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