MAM
Unilever to sell its global tea biz to CVC Capital for $5.1 billion
Mumbai: Unilever PLC has agreed to sell its global tea business to CVC Capital Partners for $5.1 billion, concluding a process of reviewing and spinning off the division that took more than two years. The business being sold, called Ekaterra, hosts a portfolio of 34 tea brands including Lipton, PG Tips, Pukka Herbs, and Tazo, and generated revenues of two billion euros in 2020.
The sale, however, excludes Unilever’s tea units in India and Indonesia and its partnerships in the ready-to-drink tea market, such as its bottled tea joint venture with PepsiCo.
CVC reached an agreement with the British multinational consumer goods giant after beating out rival private equity bidders including Advent International. Ekaterra will be sold to CVC’s Capital Fund VIII on a cash-free and debt-free basis in a process that is expected to conclude in the second half of 2022, Unilever said in a statement on Thursday.
The company said in January 2020 that it was starting a strategic review of its tea business that could result in a partial or full sale. The transaction marks a much-needed win for Unilever’s chief executive officer Alan Jope, who’s been seeking to rejig the company’s portfolio to keep up with changing consumer tastes.
“The evolution of our portfolio into higher growth spaces is an important part of our growth strategy. Our decision to sell ekaterra demonstrates further progress in delivering against our plans,” Jope said.
The sale relieves Unilever of a business that has been a drag on earnings for several years as demand for black tea waned and consumer tastes changed in recent years amid a shift to green tea and other flavourful herbal alternatives.
The global consumer goods major has been under some pressure as its stock languishes and it struggles to compete in the face of high inflationary costs, especially in emerging markets, its biggest source of revenue.
Brands
Abhinav Rastogi named global marketing director for YouTube Shopping
Google veteran to scale creator commerce and expand shopping across global markets
SINGAPORE: Abhinav Rastogi has stepped into a new role as global marketing director for YouTube Shopping, marking the latest chapter in a more than decade-long career at Google.
Rastogi, who took on the position in February and is based in Singapore, will lead global marketing for YouTube Shopping, a platform designed to connect creators, viewers and merchants in a single ecosystem. His remit includes expanding the service into new markets and strengthening its positioning as a growth channel for both creators and brands.
In a reflective note on the transition, Rastogi pointed to a simple but powerful idea driving the role. For years, creators have quietly built trust with audiences through consistent and authentic content, and that trust often shapes purchasing decisions. What is changing now, he said, is the infrastructure around that behaviour. YouTube Shopping aims to make it easier for viewers to discover and buy products recommended by creators they already follow.
The scale is already significant. More than half a million creators have joined the programme, with recent expansion into Japan through a partnership with Rakuten signalling further global ambitions.
Rastogi believes the future of shopping on YouTube will be driven by a blend of creators, content and communities. In his view, it is the human voice behind the screen, not just the product, that ultimately builds trust and drives discovery.
Prior to this role, he served as director of marketing, YouTube Asia Pacific, where he led regional marketing across creator engagement, brand building and reputation. During that time, he played a key role in launching and scaling YouTube Shopping across eight markets in the region.
Earlier stints at Google include group product marketing manager, consumer apps, overseeing growth for products such as Search, Maps and Assistant across India and Southeast Asia, and product marketing manager roles spanning consumer apps and YouTube, where he contributed to launches including YouTube Music, YouTube Originals and YouTube Shorts.
Rastogi began his career in consulting with Boston Consulting Group and A.T. Kearney, before moving into the technology sector. He is an alumnus of Indian Institute of Management Calcutta and Indian Institute of Technology Kanpur.
Alongside his corporate role, he is also an active angel investor, backing early-stage startups in consumer technology and electric mobility across India and Southeast Asia.
As he settles into the new role, Rastogi is betting on a future where every video can double up as a storefront, and where commerce feels less like a transaction and more like a recommendation from a trusted voice.
