Grupo Vips Takes Control of 100% of Starbucks Coffee Spain Market Shares
25 Jan 2016 --- Starbucks exclusive licensed partner to operate and develop the brand in Spain and Portugal, Grupo Vips, has signed an agreement with Starbucks Coffee Company, in which Grupo Vips has repurchased 49% of Starbucks Coffee Spain S.L. equity to Starbucks EMEA.
Grupo Vips had sold 49% of its partnership interests in Starbucks Coffee Spain S.L. to Starbucks EMEA back in September 2013, continuing to own 51% of the market shares. This transaction gives Grupo Vips again 100% control to develop and operate the brand in Spain and Portugal.
Additionally, both companies have decided to extend their license and development trademark agreement until 2030 - which was due to expire in 2021. This underlines “the outstanding business relationship which has characterized our partnership since the very beginning of our journey together” emphasized Grupo Vips President Plácido Arango.
“The Group’s financial health has made it possible to once again control 100% of Starbucks Spain equity, a brand for which we have major future development plans. As a Group, we’re beginning a new phase of growth and expansion affecting all of our brands,” said Enrique Francia, CEO of Grupo Vips.
The partnership between Grupo Vips and Starbucks dates back to October 2001 and started with a 50% joint-venture agreement, which led to the opening of Starbucks first stores in Madrid and Barcelona, in 2002 and 2003 respectively, followed by Sevilla and Valencia. The sound business relationship between both companies led Starbucks to choose Grupo Vips as its business partner to introduce the brand and open the first stores in France in 2004 and Portugal in 2008.
Starbucks Spain S.L. currently operates 90 stores in Spain and 11 stores in Portugal and plans to open 12 new stores and undertake integral renewal of 10 existing stores in Spain in 2016.
