Tata Starbucks on Thursday announced entry into six new markets as part of its expansion into smaller cities in India
Cost pressures to sustain as company is committed to increasing advertising spends
Incumbent Navin Gurnaney steps down; Dash will be fourth CEO to manage chain's India biz since it first launched in Oct 2012
Sushant Dash will take over as CEO from May 1, 2021, the company announced on Wednesday
Tata Starbucks will increase the number of coffee outlets across India and the business will emerge "much stronger" from the coronavirus pandemic as consumers gravitate towards more trusted brands, according to Tata Consumer Products Ltd (TCPL). A 50:50 joint venture between TCPL and Starbucks Corporation, Tata Starbucks, has so far reopened around 60 per cent of its stores in India after the lifting of lockdown even as it opened two stores- one in Delhi and one in Mumbai - operated entirely by women, as part of its commitment to create more opportunities for women and empower them. "Tata Starbucks is a business on a very strong footing, having delivered very strong growth and great financial improvement year on the year prior to the disruptions due to COVID-19, and we remain focused on expanding its presence further," TCPL Managing Director & CEO Sunil D'Souza told PTI. "While the business has been impacted by COVID, around 60 per cent of stores have now reopened. Alternative ...
The company's expansion plans for the country remain intact
The consolidated top line of Tata Consumer Products for FY20 stood at Rs 9,637 crore after the merger.
Though business achieved high store growth, Tata Starbucks' profitability was adversely impacted in FY20
Seven years after its entry into India, Tata Starbucks' consumer connection score is at an all-time high
Two years ago, the company added 25 stores and last year it added 30 stores
Bullish about coffee industry in India, says Tata Starbucks CEO Navin Gurnaney
Tata Starbucks revenue for the 2018-19, is expected to be around Rs 450 crore
CEO Navin Gurnaney said the focus for the firm was on 'unit economics'
Ghosh is returning to the US to pick up a role within the Starbucks organisation