Kuwaiti business conglomerate Alshaya Group has taken control of the Starbucks Greece & Cyprus licensed business.
The deal makes Alshaya Group, which is itself a Starbucks licensed partner, the new exclusive owner and operator of the business in the two countries.
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According to a press release posted on Zawya, the business was previously operated by the Marinopoulos family, with day-to-day operations led by managing director Giannis Marinopoulos. Following the handover, he will return to the family’s other business interests.
Financial details of the transaction were not divulged.
Starbucks Greece & Cyprus currently has 48 outlets, notably 30 in Greece and 18 in Cyprus, and employs around 500 staff.
Under the new structure, the Greek business will trade as Alshaya Hellas SMSA. In Cyprus, operations will be conducted through Murgab Cyprus.
The transition will be overseen by Alshaya Group’s Starbucks Greece and Cyprus business manager Jacqueline Delpippo, with the immediate focus on a smooth changeover while continuing to serve existing customers.
Over time, the new operator intends to explore ways to refine the customer experience and assess potential expansion opportunities in both countries.
Alshaya Group’s Starbucks president Saleh Alshaya was quoted by Zawya as saying: “With today’s announcement, we are continuing our vision of growth for our licensed Starbucks business, and we look forward to working with our new colleagues to offer even more choice for our customers to experience their favourite Starbucks coffee across Greece and Cyprus.
Alshaya Group brought Starbucks to Kuwait in 1999. Since then, it has grown its Starbucks portfolio to more than 2,000 outlets across 13 countries.
