Starbucks partners with Coffee Concepts Thailand to accelerate retail growth
The agreement that is expected to close by the end of the month.
Starbucks announced it has entered into an agreement with Coffee Concepts Thailand, a joint venture between Maxim’s Caterers Limited and Thai partner, F&N Retail Connection Co., Ltd., to fully license the coffee giant’s retail business in Thailand.
Under the newly-formed joint venture, Maxim’s Caterers Limited will oversee the retail operations and new store development in Thailand.
“This is a significant move for our company and we are pleased to transition the Thailand business to Maxim’s Caterers Limited and F&N Retail Connection Co., Ltd. with their focus on accelerating new store development to realize the full potential of this important market,” said John Culver, group president, Starbucks International, Channel Development and Global Coffee and Tea.
Starbucks has been in Thailand for more than 20 years, with its first store having opening in July 1998 at Central Chidlom in Bangkok’s most premium shopping destination. The coffee chain currently has 372 stores across the market.
Starbucks Thailand also opened its first community store in Asia in 2013, where 10 Thai baht on every cup of handcrafted beverages sold at the Langsuan community store is directed to The Integrated Tribal Development Program (ITDP).
Maxim’s Caterers Limited has had a deep history and strategic partnership with Starbucks that started in 2000 with the opening of the first Starbucks store in Hong Kong.
Today, it operates more than 400 Starbucks stores in Cambodia, Hong Kong, Macau, Singapore and Vietnam, employing more than 6,000 employees across the five markets.
“We look forward to leveraging our expertise and (a) deep understanding of the Starbucks culture and brand to build on unparalleled service, craft and passion of our Thai partners, which will propel the business for the future,” says Michael Wu, chairman and managing director of Maxim’s Caterers Limited.
