International retail operator Alshaya Group is reportedly mulling a minority stake sale of its 1,700-outlet Starbucks franchise across the Middle East and Russia
Starbucks is Alshaya’s largest franchise with around 1,700 outlets | Photo credit: Starbucks
Kuwait-based Alshaya Group is reportedly considering a minority stake sale in the Starbucks franchise – a 1,700 store operation extending from the Gulf region to Turkey and Russia.
According to UAE-based Arabian Business
, Alshaya is working with JPMorgan Chase & Co on a potential transaction.
The terms of the deal have not been confirmed and Alshaya did not immediately respond to a request for comment.
Starbucks is Alshaya’s largest franchise with around 1,700 outlets, including 554 stores in Turkey. Opening its first Starbucks in Kuwait in 1999, Alshaya now manages Starbucks franchises in 14 markets and forecasts it will operate 1,750 stores by the end of 2021.
The group also operates a portfolio of 4,500 retail stores across more than 90 food, fashion and healthcare brands, including H&M, Mothercare, Boots, Muji and Cos.