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For Starbucks, India, which is poised to be the third largest economy globally by 2030, is one of the fastest growing markets globally and it is doubling down on its presence in the market
Mumbai: Tata Starbucks on Tuesday announced that it will expand presence to 1,000 stores by 2028 from the present 390.
The company, an equal joint venture between the Tata Group and the global coffee chain Starbucks, has plans to open a new store every three days and also enter tier-2 and tier-3 cities, an official statement said.
For Starbucks, India, which is poised to be the third largest economy globally by 2030, is one of the fastest growing markets globally and it is doubling down on its presence in the market, the statement said.
With the aim to take the overall presence to 1,000 stores by 2028, Tata Starbucks will double its workforce to 8,600 employees, it said.
The JV plans to enter Tier 2 and 3 Indian cities, expand drive-through, airports and its 24-hour store footprint, the statement said.
The announcement comes after the visit of Starbucks' chief executive Laxman Narasimhan to the country this week.
"With a growing middle class, we are proud to help cultivate the evolving coffee culture while honouring its rich heritage," he said, adding that the company which has been present in India for the last 11 years is well positioned to capture "limitless opportunities".
In FY23, the company's sales grew 71 per cent to Rs 1,087 crore, as per a media report.
"As we move into the next chapter of growth, we will continue to develop India's coffee culture to deepen connections with our customers, while innovating to bring our unique Indian offerings to the global stage," Sunil D'Souza, chief executive and managing director at Tata Consumer Products, said.
The statement said the company will empower women in India by providing vocational skills training for under-served young women seeking careers in the F&B retail industries.
"With partners forming the heartbeat of our organization and shaping our success in India, we will continue to make meaningful investments that bridge a better future for all partners," Tata Starbucks' chief executive Sushant Dash said.
