Coffee giant, Starbucks, will open stores in sub-Saharan Africa for the first time next year, after agreeing to a deal with Taste Holdings on Tuesday.
Under the agreement, Taste, which acquired the licence for Domino’s Pizza in South Africa in 2014, will have the rights to operate Starbucks coffee shops for 25 years.
“We are proud to be bringing Starbucks to South Africa next year,” Starbucks EMEA President Kris Engskov said in a statement.
“The coffee market here is vibrant and growing fast – we want to be part of that growth”.
Starbucks operates in about 66 countries with over 22,000 retail stores.
The deal includes rights to other African countries, Taste said.
The announcement sent the South African franchiser’s shares soaring 20 per cent.
(Reuters/NAN)
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