Starbucks Sees India Among Its Top Five Markets
Starbucks expects India to be among its top five markets as it continues to expand in Asia’s third-largest economy.
The company will enter Kolkata in 2018 with three stores, John Culver, group president at Starbucks Corp., told BloombergQuint in an interview. The coffee chain opened its 100th store in the country in Mumbai.
Starbucks had entered India with an equal joint venture with Tata Global Beverages Ltd. in 2012.
The Seattle-based chain is focused on building a strong foundation in India and is satisfied with its financial performance, Culver said. Tata Starbucks’ net sales rose 14 percent to Rs 272 crore in the year to March over the previous 12 months. Net loss narrowed to Rs 32 crore from Rs 41 crore.
India is also Starbucks’ largest food market in the world and the coffee chain will continue to invest in relevant offerings for its customers.
Watch the full interview with John Culver, group president at Starbucks on the company’s expansion plans in India.
(Corrects an earlier version to remove a reference to five year timeline.)