U.S. coffee shop chain Starbucks Corp. said March 12 that it agreed to fully license its Brazilian retail business to local private equity firm and restaurant operator SouthRock Capital.
Under the agreement, SouthRock will be allowed to develop and operate Starbucks outlets to expand the chain's reach across Brazil.
Starbucks operates 113 stores in 17 cities in the states of São Paulo and Rio de Janeiro, with more than 1,450 employees.
With this move, Starbucks retail operations will become wholly licensed across all 17 markets of the Latin America and Caribbean region. It is also set to launch in Uruguay later this year.
