According to the distribution industry on the 19th, Shinsegae Group is considering acquiring a 50% stake in Starbucks Korea owned by Starbucks Coffee in the United States. Photo = Hankyung DB
Jeong Yongjin Shinsegae(277,500 -2.29%)The group’s vice chairman is promoting the incorporation of a wholly owned subsidiary into the domestic business of Starbucks, which has become the’No. 1 fan’. Shinsegae Group is considering taking over half of Starbucks Korea’s stake in Starbucks’ US headquarters.
According to the distribution industry on the 19th, Shinsegae Group is considering a plan to acquire a 50% stake in Starbucks Korea owned by Starbucks Coffee. Starbucks Korea is Shinsegae Group’s E-Mart(174,000 -1.14%)It is a joint venture between Starbucks and Starbucks’ US headquarters. Both sides each hold 50% of the stake.
An official from Shinsegae Group said, “We are reviewing variously” regarding the acquisition of the stake in Starbucks Korea, and “There is no decision yet.”
According to the distribution industry on the 19th, Shinsegae Group is considering acquiring a 50% stake in Starbucks Korea owned by Starbucks Coffee in the United States. Photo = Yonhap News
Starbucks, which entered Korea in 1999, is a coffee specialty store with the No. 1 market share in Korea. Starting with the first store in front of Ewha Womans University in July 1999, the number of stores spread across the country reached 1503 (as of December last year).
Based on loyal customers, Starbucks’ sales growth did not decline even last year, when a new coronavirus infection (Corona 19) hit. It recorded the highest performance with sales of 1,9284 billion won last year, and is on the verge of an era of 2 trillion won in sales.
Vice Chairman Jung Yong-jin appeared on Starbucks’ official YouTube channel in December of last year and held an interview celebrating the 21st anniversary of the operation of the No. 1 store in Korea. / Photo = Captured by Sbuck TV.
Meanwhile, Vice Chairman Jeong is continuing his swift steps toward a’year to win’. In the new year, after taking over the pro baseball KBO League SSG Landers (formerly SK Wyverns) and the formation of an “anti-coupang alliance” based on a blood alliance with Naver, the acquisition of Starbucks Korea was also initiated.
Earlier, Vice Chairman Jung made a surprise appearance on Starbucks’ official YouTube channel’Sbuck TV’ in December of last year, revealing that he is a “Starbucks No. 1 Fan”. I picked three of my favorite Starbucks menus: Grapefruit Honey Black Tea, Jeju Organic Matcha Latte, and Nitro Cold Brew.
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