Starbucks buys Japanese partner
US coffee chain Starbucks is buying out its Japanese partner in a deal worth $914m (£559m).
Starbucks Japan has been a joint venture between Starbucks and Sazaby League since 1995. Under the deal Starbucks will buy the 60.5% stake of the Japanese unit that it does not own. It hopes to complete the deal by the end of the year.
Japan is Starbucks’ second biggest market in terms of sales and has some of its most profitable cafes.
Nearly 20 years ago we opened the first Starbucks store outside of North America in Tokyo’s Ginza district with lines around the block”
In a statement, Howard Schultz, chairman of Starbucks Coffee Company said: “Nearly 20 years ago we opened the first Starbucks store outside of North America in Tokyo’s Ginza district with lines around the block.
“Japan is a market we know well and care deeply about, with more than 25,000 partners serving millions of customers every week at more than 1,000 stores.”
Source: BBC- Starbucks buys Japanese partner
