American coffee chain Starbucks has agreed to buy the remaining 61% of its Japanese operations for about $913.5 million. The deal will include buying a 40% stake from Sazaby League for about $505 million and the 21% owned by public shareholders for about $408.5 million, according to a statement by Starbucks.
Starbucks, which gets more than 6% of revenue from its Asia unit, recently acquired the Teavana tea company and Bay Bread bakery to help attract customers with non-coffee items. In Japan, ready-to-drink beverages are profitable and selling well, presenting a strong opportunity for Starbucks, says CFO Scott Maw.
“We will be positioned to accelerate growth in a market that offers tremendous opportunity for us,” says Troy Alstead, COO. Store profit in Japan is among the highest of Starbucks’ markets worldwide, he says.
The coffee seller formed a joint venture with Sazaby in 1995 and the first Japanese location opened in 1996 in Tokyo. There are now about 1,050 Starbucks stores in Japan.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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