Starbucks Coffee Company announced it has agreed to sell its 50 percent ownership share of Starbucks Coffee Korea Co., Ltd.
Joint venture partner E-Mart Inc. (Shinsegae Group) will acquire an additional 17.5 per cent interest in Starbucks Coffee Korea Co., Ltd., giving E-Mart 67.5 per cent ownership of Starbucks operations in South Korea.
E-Mart has been Starbucks joint venture partner in South Korea since 1999, when the brand opened its first store near Ewha Womans University in Seoul. Since then, E-Mart has been a valuable strategic business partner throughout the market and has demonstrated their ability to elevate the Starbucks Experience across South Korea, with more than 1,500 stores across 78 cities, operated by more than 18,000 green apron partners (employees).
In addition, Starbucks Coffee Company has agreed to sell its remaining ownership share of Starbucks Coffee Korea Co., Ltd. to an affiliate of GIC Private Limited, (“GIC”), Singapore’s sovereign wealth fund. This will give GIC a 32.5 per cent ownership stake in Starbucks Coffee Korea Co., Ltd.