- July 27, 2021
- Posted by: Stratford Team
- Category: Business
Founding partner E-Mart will continue operations and growth of Starbucks Coffee Korea
SEATTLE, July 27, 2021–(BUSINESS WIRE)–Starbucks Coffee Company (NASDAQ:SBUX) today announced it has agreed to sell its 50% ownership share of Starbucks Coffee Korea Co., Ltd. Joint venture partner E-Mart Inc. (Shinsegae Group) (“E-Mart “) will acquire an additional 17.5% interest in Starbucks Coffee Korea Co., Ltd., giving E-Mart 67.5% ownership of Starbucks operations in South Korea.
E-Mart has been Starbucks joint venture partner in South Korea since 1999, when the brand opened its first store near Ewha Womans University in Seoul. Since then, E-Mart has been a valuable strategic business partner throughout the market and has demonstrated their ability to elevate the Starbucks Experience across South Korea, with more than 1,500 stores across 78 cities, operated by more than 18,000 green apron partners (employees).
In addition, Starbucks Coffee Company has agreed to…
