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Starbucks Signs Licensing Agreement With Investment Firm Of Brazil

Licensing Agreement signed by Starbucks with the Brazilian Investment Firm

Sao Paulo investment firm SouthRock Capital has signed an agreement with Starbucks that gives it the right to develop and operate branches of the Seattle-based chain in Brazil, the companies said late on Monday.

With the agreement, whose value was not disclosed, all of Starbucks’ retail operations in Latin America are now wholly licensed rather than directly managed, the companies said.

SouthRock founder Ken Pope said in a statement the fund would eye expansion opportunities in new and existing markets.

The CEO and Chairman of Starbucks
Starbucks Chairman and CEO Howard Schultz.

Starbucks now has 113 stores across the populous states of Sao Paulo and Rio de Janeiro.

“With Starbucks, we see continued opportunities for growth in existing markets … as well as new markets like Brasilia and the South,” he said.

Also Read: Brazil to vaccinate entire population against yellow fever

SouthRock, founded in 2015, also owns Brazil Airport Restaurants, which operates in the country’s biggest airports.

Shares in Starbucks opened up 0.5 percent but closed down 0.58 percent. The S&P 500 Index fell 0.64 percent.  VOA

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