Tata Consumer Products Ltd had on Thursday termed reports suggesting that the cafe chain Starbucks is planning to exit the Indian market as "baseless."
Located at the Western Express Highway Metro Station, the store aims to provide a relaxing place—what Starbucks calls a ‘Third Place’—where customers can take a break between work and home.
Its revenue from operations was at Rs 1,086.89 crore for the said period, up 70 per cent helped by the addition of more cafes and expansion of the network in more cities in India.
Tata Starbucks, which currently operates 300 stores across 36 cities in India and is an arm of Tata Consumer Products, has added 32 stores in 14 cities this year so far, atop 50 stores added last fiscal.
While the international cafe chain witnessed a decline in sales with the onset of the pandemic, it kept on launching stores and is now back on the growth track, says a report by Jefferies. Profitability, however, still remains a concern for investors in the country.
People embracing a plant-based vegan diet prioritize alternative sources of protein, instead of those derived from animals, resulting in soaring demand for nuts and nut-infused foods.
NourishCo, Tata Sampann, Tata Soulfull, and Tata Q collectively grew 52 percent in FY22 and the company opened 50 new Tata Starbucks stores last year-taking the total to 268 stores across 26 cities.
Its revenue growth was led by higher realisation from existing stores and new stores added during the financial year ended on March 31, 2022, as per the latest annual report of Tata Consumer Products
Foods business likely to be the next engine of growth for TCPL
Storyboard18 caught up with Tata Starbucks CEO Sushant Dash on the sidelines of a new merchandise-line launch, where he spoke about the company’s expansion strategy, new initiatives and what else is brewing.
The 'Sabyasachi + Starbucks’ collection will feature a range of lifestyle drinkware including ceramic mugs and stainless-steel tumblers, said a joint statement.
India is one of Starbucks' fastest growing markets globally. The market for coffee shops in the country has surged even as tea remains a more affordable and popular beverage.
Dash joins Tata Starbucks from Tata Consumer Products where he is currently President Packaged Beverages Business, India, Bangladesh, and Middle East, the company said.
With this new feature, a customer can now order and make payment using the Starbucks India mobile application and pick up beverages from a nearby store, the company said in a statement.
Amid the lockdown, Tata Starbucks is beginning the process of re-opening responsibly and serving its customers in multiple ways under modified operations, including re-launch of its much awaited takeaway service, the company said in a statement.
At present, women make up for 29 percent of workforce at the 50-50 JV between Starbucks Coffee and Tata Global Beverages.
The company on Thursday said it hopes to achieve the objective by the next World Environment Day, June 5.
The premium coffee chain is increasing the number of roll outs as it is getting overall good consumer response, said Tata Global Beverages.
Key challenges for the company remains in terms competitive intensity in the mass market. Having said that price hike taken by the company for three key domestic tea brands provides some solace.
Gurnaney will be the third head of the company since its entry in October 2012 and will be responsible for driving the overall strategic direction and vision and further strengthening business.
Tata Starbucks CEO Sumitro Ghosh said he sees India becoming one of Starbuck's top five markets in the long-term.
Shares of Tata Global Beverage rose 3 percent intraday on Wednesday. The company‘s joint venture company between Starbucks Corporation is making good business in India. Coffee chain Tata Starbucks posted sales of Rs. 235 crore in FY 2015-16, registering a growth of 39 percent on account of its expansion in leading metros.
Tata Starbucks is setting its eyes on capturing a larger slice of the Indian market.