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Singapore’s sovereign growth fund GIC Private Ltd. is acquiring a 30 percent stake in Starbucks Korea from Starbucks Corp. for about 800 billion won.
Starbucks Corp., which currently owns half of Starbucks Korea, will likely sell the remaining 20 percent stake to E-Mart, an affiliate of Korea’s retail group Shinsegae.
E-Mart already owns 50 percent of Starbucks Korea, and the deal will push its ownership at 70 percent.
The sales would mark Starbucks Corp.'s exit in investing in South Korea after over two decades.
Starbucks Korea is valued at 2.6 trillion to 2.7 trillion won.
It was reported in mid-March that Shinsegae was eyeing to wholly own Starbucks Korea due to the Koreans growing appetite for coffee.
In 2020, South Korea's coffee imports soared to a record 176,648 tons, up 28 percent from 2019.
Starbucks Korea’s revenue is now more than 10 percent of Starbucks’global revenue. However, Starbucks Korea’s operating margin is behind the global average.
Starbucks holds the highest coffee franchise market share in South Korea, surpassing 1 trillion won revenue in 2016 and maintaining over 20 percent on-year growth rates from 2017 to 2019, at 26 percent, 20.5 percent, and 22.8 percent.
Last year, Starbucks Korea posted a 164.4 billion won operating profit and a 1.93 trillion won revenue.
