Starbucks to Enter Sub-Saharan Africa With Taste Coffee Deal
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Starbucks Corp. coffee shops will open in sub-Saharan Africa for the first time after the world leader partnered with Taste Holdings Ltd. in a deal that sent shares of the Johannesburg-based franchiser soaring to a record.
The two companies have signed an exclusive agreement to develop Starbucks outlets in South Africa, with openings set to begin in the first half of next year, Taste Chief Executive Officer Carlo Gonzaga said by phone on Tuesday. Taste has the license to operate the shops for as many as 25 years, plus rights to open in some other African countries.