Money Minute: Starbucks taking lattes to India [Video]
Starbucks is continuing its march toward global conquest. The latte lord aims to open 50 outlets in India by year’s end.
The expansion will come through a 50-50 joint venture with Tata Global Beverages. Tata Starbucks Ltd., as the venture is known, hopes to capitalize on the growing thirst of many Indians for a quality cup of java.
According to the Associated Press, India was home to 1,600 coffee houses last year, up from just 700 in 2007. The consulting firm Technopak Advisors expects India’s $170 million cafe market to grow 30% a year, adding up to 2,700 more outlets over the next five years.
Starbucks’ India outlets will be co-branded “Starbucks Coffee: A Tata Alliance,” which doesn’t exactly roll trippingly off the tongue. On the other hand, perhaps Indians will develop more of a taste for the company’s offerings with a dollop of local flavoring.
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