[ad_1]
Founding partner E-Mart will continue to operate and develop Starbucks Coffee Korea
Starbucks Coffee Company (NASDAQ:SBUX) Announced today that it has agreed to sell its 50% stake in Starbucks Coffee Korea Co., Ltd. The joint venture partner E-Mart Inc. (New World Group) (“E-Mart”) will acquire an additional 17.5% stake in Starbucks, Coffee Korea Co., Ltd., and grant E-Mart 67.5% of Starbucks business in Korea.
Tesco has been a joint venture partner of Starbucks in South Korea since 1999, when the brand opened its first store near Ewha Womans University in Seoul. Since then, imat has been an important strategic business partner for the entire market and demonstrated their ability to enhance the Starbucks experience in South Korea. It has more than 1,500 stores in 78 cities and is supported by more than 18,000 green apron partners ( Employees) operations.
In addition, Starbucks Coffee Company has agreed to sell its remaining ownership shares in Starbucks Coffee Korea Co., Ltd. to a subsidiary of Singapore’s sovereign wealth fund GIC Private Limited (“GIC”). This will enable GIC to acquire a 32.5% stake in Starbucks Coffee Korea Co., Ltd.
“As Starbucks’ fifth largest market, South Korea is still an important market for Starbucks,” said Michael Conway, president of the group’s international and channel development. “Part of our success in Korea-and in many of our international markets-is that we know when to rely on local partners to continue to build business expertise and judgment. E-Mart and GIC share Starbucks values and Commitment “This is a positive experience for the partners and is recognized for their commitment to community management. Starbucks is confident that E-Mart and GIC have the ability to continue to enhance the customer’s Starbucks experience and identify unique opportunities to reach more customers in this important market. ”
“Starbucks and E-Mart have…
The full story on Benzinga.com
[ad_2]
Source link
