Shinsegae Group has increased its stake in Starbucks Coffee Korea.
E-Mart said on July 27 that it has acquired an additional 17.5 percent stake of Starbucks Coffee Korea from Seattle-based Starbucks Coffee International Inc.
With the acquisition, Shinsegae Group has upped its stake in Starbucks Coffee Korea to 67.5 percent from 50 percent.
Shinsegae Group has maintained and developed a continuous partnership with Starbucks headquarters in the U.S. since it opened its first Starbucks store in front of Ewha University in 1999.
It said it has decided to acquire additional shares after various discussions for future growth in the Korean market.
Starbucks Coffee Korea will continue to operate Starbucks in Korea.
"Korea was able to grow into the world's fifth largest Starbucks market because of the developmental cooperation of Shinsegae Group," a Starbucks official said. "In the future, Shinsegae Group will share the value of Starbucks that it wants to contribute to the local community and provide customers with an improved Starbucks experience."
Meanwhile, the Singapore sovereign wealth fund has signed a contract to take over the remaining 32.5% of Starbucks Korea from Starbucks Coffee International Inc.
