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TCPL has refuted reports of restaurant chain Starbucks' exit from the Indian market, calling them 'baseless'. Tata operates the chain in India under the Starbucks brand name in a 50:50 joint venture with US-based Starbucks Corporation. As of the end of September, Starbucks had 457 stores in 70 cities.
New Delhi. Tata Consumer Products Limited (TCPL) has refuted reports of restaurant chain Starbucks' exit from the Indian market, terming them as 'baseless'. Tata operates the chain in India under the Starbucks brand name in a 50:50 joint venture with US-based Starbucks Corporation. Starbucks had 457 stores across 70 cities at the end of September and the company aims to take it to 1,000 by fiscal 2027-28. In the financial year 2023-24, the company's operating income increased by 12 percent to Rs 1,218.06 crore.
However, due to expansion, its loss during this period increased from Rs 24.97 crore to Rs 79.97 crore in FY 2022-23. According to financial data accessed through business intelligence platform Tofler, its advertising promotion spend increased by 26.8 per cent to Rs 43.20 crore and royalty stood at Rs 86.15 crore. Last month, TCPL managing director (MD) and chief executive officer (CEO) Sunil D'Souza had told PTI that he would focus on expanding the Starbucks chain here and was not considering the profitability of the stores.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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