Friday 31 March 2023

Starbucks sells Russian business to restaurateur Pinskiy and rapper Timati

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MILAN — Restaurateur Anton Pinsky, Russian rap artist Timur Yunusov (Timati) and the Sindika company of Senator Arsen Kanokov will become the new owners of Starbucks Corp’s coffee shops in Russia, Forbes reported on Friday. Forbes quoted Pinskiy as their source. The terms of the deal were not disclosed, but it is noted that negotiations with the former owners of coffee shops were conducted in March.

“Judging by the fact that we are now closing the deal, we made the most correct offer,” reports TASS words by Anton Pinsky.

On May23rd, Seattle-based Starbucks said it would exit the Russian market after nearly 15 years. The coffee gianthas 130 stores in Russia, operated by its licensee Alshaya Group, with nearly 2,000 employees in the country.

New owners will be obliged to relinquish Starbucks branding for the business, and will be cut off from using Starbucks products and technologies.

According to Izvestia, the coffee shops in Russia could be renamed VKCoffee.

Starbucks may sell its Uk business

Starbucks is reportedly exploring a potential sale of its UK business as it faces increasingly tough competition and changing customer habits.

However, a “formal sales process” has not been started, according to the BBC that quoted media reports.

In May, the company said it is “single-mindedly focused on enhancing our core US business”.

The firm will continue to “evaluate strategic options” for its company-owned international operations, according to the Times, which first reported the story.

Starbucks has taken on advisers Houlihan Lokey to explore possible options for the business, added the same source.

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