Starbucks has announced plans to open coffee shops throughout Brazil in a joint venture agreement with a Brazilian holding company. with the first store set to open in Sao Paulo within a year.
The joint venture with Cafes Sereia do Brasil Participacoes SA, which is led by local retailers, is known as Starbucks Brasil Comercio de Cafes Ltda., or Starbucks Brasil, Starbucks said in a statement.
"I believe our partnership with Starbucks will greatly benefit the coffee industry in Brazil," Maria Luisa Rodenbeck (principal of Cafes Sereia do Brasil) said in a statement.
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