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Starbucks extends agreement with Maxim's Caterers to grow in Singapore
STARBUCKS Coffee Company announced on Thursday that it has entered into an agreement with its long-time strategic partner Maxim's Caterers Limited to license fully Starbucks operations in Singapore.
Under the agreement, Maxim's Caterers, Hong Kong's largest food and beverage corporation and restaurant chain, and a leading restaurant operator of multiple brands across Asia, will have the exclusive rights to operate and develop Starbucks stores in the island republic.
The move further "accelerates Starbucks operations in this important market and aligns with Starbucks growth agenda", it said in a statement.
John Culver, group president of Starbucks International and Channel Development, said: "We're pleased to take another step in our ongoing growth aspirations in Asia by transitioning the Singapore business to Maxim's Caterers Limited, our trusted business partner with a successful track record in delivering the unique Starbucks Experience and developing our iconic brand. Starbucks remains committed to growing in Singapore, an important market where we will build on 20 years of proudly serving customers."
Starbucks entered Singapore in 1996 with the opening of its first store at Liat Towers, and since then, it has built the brand by expanding to more than 130 Starbucks stores today.
On its 17-year partnership with Starbucks, Michael Wu, chairman and managing director of Maxim's Caterers, said: "We look forward to leveraging our expertise and deep understanding of the Starbucks brand to welcome Singaporean customers into the stores and earn their trust and respect through the unparalleled service, craft and passion known by customers around the globe."
There are more than 210 Starbucks stores in Cambodia, Hong Kong, Macau and Vietnam, employing nearly 2,900 partners (employees) across the four key markets.