Alsea acquires Starbucks coffee business in Mexico
Mexico City: Mexican restaurant operator Alsea said it acquired the remaining 18 percent of Cafe Sirena, a company created in 2002 to operate Starbucks coffee shops in Mexico, from US-based Starbucks Coffee International, giving it sole ownership of the Starbucks coffee business in Mexico.
"This operation is a vote of confidence by Starbucks, as it is giving us the mission of continuing to develop the brand in Mexico," Alsea CEO Fabian Gosselin said in a statement.
Under the terms of the March 27 deal, Starbucks agreed to provide Alsea with 100 percent ownership of the Mexico business for the duration of the exclusivity contract.
"The agreements include an option to expand Alsea's rights to develop Starbucks retail stores in Mexico for an additional 10 years, which would extend exclusivity until the year 2037. Alsea also agreed to a new expansion plan of 50 store openings per year for the next five years," the Mexican company said.
Cafe Sirena operates Starbucks coffee shops in 42 cities across Mexico.