Published:
Starbucks to exit South Korea joint venture
The coffee giant has more than 1,500 stores across 78 cities in the country, their fifth largest market.
Starbucks is exiting its joint venture (JV) in South Korea by selling stakes to local partner E-Mart Inc and Singapore sovereign wealth fund GIC.
E-Mart, one of South Korea’s largest retailers with over 160 stores and the owner of half of the JV, will purchase an additional 17.5% stake in Starbucks Coffee Korea for US$411 million.
The remaining 32.5% share of Starbucks Coffee Korea Co., Ltd. will be sold to an affiliate of GIC, which reports suggest a US$2.35 billion valuation for the entire business.
Starbucks has more than 1,500 stores across 78 cities in South Korea, their fifth largest market.
