Starbucks mulls options for Japan business, including stake sale, Bloomberg reports
FILE PHOTO: A waitress prepares a beverage at a branch of Starbucks coffee in Tokyo, Japan August 13, 2018. REUTERS/Kim Kyung-Hoon/File Photo
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June 9 : Starbucks is weighing options for its Japanese business, including a stake sale, Bloomberg News reported on Tuesday.
A stake sale might be valued at ¥400 billion ($2.5 billion) to ¥500 billion, possibly attracting interest from other industry players and private equity firms, the report added, citing people familiar with the matter.
Starbucks did not immediately respond to Reuters’ request for a comment outside regular business hours. Reuters could not immediately verify the report.
In 2014, the company bought the remaining stake in Starbucks Coffee Japan Ltd, which had operated as a joint venture between Starbucks and its partner, Sazaby League, since 1995.
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The Seattle-based coffee chain closed its deal with Boyu Capital to sell control of its Chinese operations in April, valuing the business at $4 billion.
Starbucks posted its strongest quarterly sales growth in two and a half years in April, but as costs rise faster under CEO Brian Niccol’s turnaround strategy, questions remain as to how quickly profit margins can recover.
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Source: Reuters
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