Shinsegae Group Acquires Additional Starbucks Shares to Expand Innovative Customer Experience (Comprehensive)

Starbucks Korea Acquires Additional 17.5% Stake…Totaling 67.5%
"Will Expand Innovative Customer Experience and Enhance Social Value"
Plans to Maintain and Develop Stability in Customer Service, Operations, and Partner Treatment

[Asia Economy Reporter Kim Yuri] Shinsegae Group is acquiring an additional stake in Starbucks Coffee Korea.

On the 27th, E-Mart announced that it will acquire an additional 17.5% stake of the 50% held by Starbucks Coffee International in Starbucks Coffee Korea. As a result, Shinsegae Group will hold a total of 67.5% stake in Starbucks Coffee Korea, including its existing 50% stake.

Shinsegae Group stated, "Since opening the first Starbucks store in Korea in front of Ewha Womans University in 1999, we have maintained and developed a continuous cooperative relationship with Starbucks headquarters in the U.S. After various discussions for new growth in the Korean market, we decided to acquire additional shares."

The remaining 32.5% stake will be acquired by the Government of Singapore Investment Corporation (GIC), Singapore’s sovereign wealth fund, from a long-term investment perspective.

Shinsegae Group added, "The operation of Starbucks in Korea following the share acquisition will be stably maintained as Starbucks Coffee Korea has been operating. Furthermore, customer service and partner (employee) treatment will also be maintained and developed without change."

They also explained that the cooperative relationship with Starbucks headquarters in the U.S. will become even closer. A Shinsegae Group official said, "This additional share acquisition is the result of achievements and trust built over the past 22 years with Starbucks U.S. and the starting point for growth. Together with Starbucks U.S. and GIC, we will expand innovative customer experiences and enhance social value to move toward a new future."

A representative from Starbucks U.S. cited the progressive cooperation with Shinsegae Group as one of the reasons Korea has grown into the fifth largest market worldwide. The representative said, "We are confident that by sharing Starbucks’ values of contributing to customers, partners (employees), and local communities with Shinsegae Group and GIC, we will provide customers with an even better Starbucks experience."

A GIC representative said, "We are pleased to have the opportunity to participate as a partner of Shinsegae Group, which has shown remarkable growth through high brand awareness and continuous innovation."

This content was produced with the assistance of AI translation services.