Starbucks signs licensing deal with Alsea to operate stores in four European markets
Starbucks Corporation has signed a deal with its Latin American partner, Alsea SAB, to open and run coffee chains in four European countries.
Under the licensing agreement, Mexico City-based Alsea will be able to operate Starbucks coffee chains in France, the Netherlands, Belgium and Luxembourg.
Through the deal, Starbucks hopes to "unlock untapped potential" in countries where its presence isn’t as strong as neighbouring markets like the UK.
The Seattle-based coffee chain plans to sell its 83 company-owned stores in France and the Netherlands to Alsea, according to reports by Bloomberg.
Under the agreement, Alsea will also take over store operations, remodels and workers.
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Alsea already franchises more than 900 Starbucks stores in Latin America and so the new deal brings its partnership with the coffee chain to nine markets globally.
The news comes shortly after Starbucks announced it will restructure its management team and focus on turning around sales in the US and China.
The coffee chain has also gained the support of a major new shareholder.
Earlier this month, activist investor Bill Ackman revealed a $900mn stake in the firm.
Starbucks has more than 28,000 locations globally, making it the world’s biggest coffee chain.