There have been several media reports floating around that Starbucks is taking an exit door from the country because of the losses. As the news is spreading like wild fire, Tata Consumer Products has officially denied it.
Starbucks had entered India in 2012 through a partnership with Tata Consumer Products. The recent news reports stated that the Indians are not showing interest towards the overpriced coffee and products offered by the premium brand.
“Despite its ambitious plans, Starbucks has struggled to turn significant profits in the Indian market,” the news reports stated, amidst the delays in the opening of new stores across the nation.
However, TCPL denied the possibility of exiting India in a letter titled “Clarification on News Article Titled – Starbucks to Exit India Due to High Costs, Bad Taste, and Mounting Losses.”
“The Company would like to state that the information in the said article is Baseless. Reports of Starbucks looking to exit India (are) completely false and baseless. Tata’s relationship with Starbucks stands strong with shared values and commitment to India,” they clarified.
This post was last modified on 20 December 2024 12:39 pm
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