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Starbucks Korea is being eyed by Shinsegae Group, one of the country's top companies. It was said that the latter wants to acquire a 100% stake in Korea’s Starbucks unit through its affiliate firm E-mart.
As per The Korea Times, Shinsegae is very impressed how Starbucks in Korea continues to grow, and its profit remained steady regardless of the restrictions due to the COVID-19 pandemic. Because of this, the company is seeking to fully acquire the coffee chain brand.
The acquisition plan of Shinsegae
The South Korean company’s subsidiary, E-mart, currently owns 50% of Starbucks Korea, while the coffee chain’s headquarters in the U.S. owns the remaining 50%. For this, Shinsegae expressed its intention to acquire and own Starbucks Korea fully and run it independently.
"Shinsegae Group had considered unloading its 50 percent stake in Starbucks Korea as it has to renew its licensing and royalty contract with Starbucks headquarters,” a business insider said. “But impressed by the steady growth of Starbucks Korea both in terms of sales and profits even with the COVID-19 pandemic impacting the local food and beverage industry, the group shifted its stance towards acquiring the remaining stake."
It turned out that Shinsegae Group has been reviewing this possibility and considering all the applicable options with regards to all fronts of the business. Then again, it was clarified that there is no solid or final decision yet on this matter.
In case the deal pushes through and is completed, E-mart is expected to get double the amount of dividends from Starbucks Korea. In 2020, both E-mart and Starbucks Korea paid KRW30 billion or $26.6 million to Starbucks HQ since it is a 50-50 ownership.
What happens if Shinsegae purchases 100% stake in Starbucks Korea
The Korea Economic Daily reported that if the negotiation goes well and Shinsegae will own Starbucks Korea 100%, the coffee chain will be wholly owned by E-mart. It may keep the entire dividendds but it still needs to pay fees to Starbucks HQ.
Likewise, an official explained that if ever E-mart acquires 100% stake in Starbucks Korea, it does not mean that it will be exempted from paying 5 percent to the HQ since it will still be using the company’s trademarks and other licensing requirements. It was estimated that if Shinsegae successfully buys the other 50% stake from the HQ, it would cost the company over KRW1 trillion.
