Starbucks' owner changes, but beans remain the same

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Starbucks' owner changes, but beans remain the same

Published: 03 Jan. 2022, 14:40

A Starbucks logo hangs in an outlet in Seoul [YONHAP]

Starbucks Coffee Korea changed its name to SCK Company, finalizing an acquisition by Emart.

On Dec. 28, the coffee chain requested an official change of name. The name change follows Starbucks Coffee International selling all of its shares in the Korean branch.

In July, Emart bought a 17.5 percent slice of Starbucks Coffee International’s 50 percent stake in Starbucks Coffee Korea, becoming the largest shareholder with 67.5 percent. The remaining 32.5 percent was acquired by the Government of Singapore Investment Corporation (GIC), making it the second-largest shareholder.

The Korean branch can’t use “Starbucks” in the company’s name once Starbucks Coffee International has no shares in it.

Despite the name change, Starbucks will be operated in Korea the same as before.

SCK Company will continue to pay the same royalties — some 5 percent — to Starbucks Coffee International.

All branches will continue to have the Starbucks name and logo. Coffee beans will be distributed by Starbucks Coffee International.

BY LEE TAE-HEE [[email protected]]