Last Updated:
Tata in a 50:50 three way partnership with US-based Starbucks Corporation operates a restaurant chain in India beneath the model identify of Starbucks, which is the main cafe chain in India.
Starbucks had 457 shops throughout 70 cities at September-end and the corporate goals to take it to 1,000 by FY28. (Representative Image)
Tata Consumer Products Ltd (TCPL) on Thursday denied stories on the exit of cafe chain Starbucks from the Indian market, terming them as “baseless”.
Tata in a 50:50 three way partnership with US-based Starbucks Corporation operates a restaurant chain in India beneath the model identify of Starbucks, which is the main cafe chain in India.
Starbucks had 457 shops throughout 70 cities at September-end and the corporate goals to take it to 1,000 by FY28.
The firm’s income from operations was up 12 per cent to Rs 1,218.06 crore in FY24.
However, its loss for the interval widened to Rs 79.97 crore from Rs 24.97 crore in FY23 because of the growth.
Its promoting promotional bills had been up 26.8 per cent to Rs 43.20 crore and royalty was at Rs 86.15 crore, in accordance with monetary information accessed by means of the enterprise intelligence platform Tofler.
Last month, TCPL MD & CEO Sunil D’souza advised PTI that it’s going to concentrate on scaling up the Starbucks cafe chain right here and isn’t retailer profitability.
“With Starbucks, we’re very clear that the shop profitability isn’t a problem. And as we get to scale, we all know that we are able to generate earnings out of it,” D’souza had advised PTI within the final week of November.
Starbucks was responding to stories that recommended that the American firm was planning to stop Indian operations because of excessive working price, mounting losses, and availability of cheaper native options out there.
After this, the Tata group FMCG arm TCPL in a regulatory submitting on Thursday mentioned the knowledge within the article was “baseless”.
Starbucks entered India in October 2012 by means of a three way partnership with the Tata Group. The first Starbucks retailer in India was opened within the Elphinstone Building in Mumbai.
(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)
