Tata Consumer Products denies reports on exit of Starbucks from India
Tata Consumer Products Ltd (TCPL) on Thursday denied reports on the exit of cafe chain Starbucks from the Indian market, terming them as «baseless». Tata in a 50:50 joint venture with US-based Starbucks Corporation operates a cafe chain in India under the brand name of Starbucks, which is the leading cafe chain in India.
Starbucks had 457 stores across 70 cities at September-end and the company aims to take it to 1,000 by FY28.
The company's revenue from operations was up 12 per cent to Rs 1,218.06 crore in FY24.
However, its loss for the period widened to Rs 79.97 crore from Rs 24.97 crore in FY23 due to the expansion.
Its advertising promotional expenses were up 26.8 per cent to Rs 43.20 crore and royalty was at Rs 86.15 crore, according to financial data accessed through the business intelligence platform Tofler.
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