This article, written by Jeremy Bowman, appears on The Motley Fool.
Starbucks Looks to Italy for Its Latest Food Inspiration
The coffee giant has made another investment in a high-end bakery business and although initial plans look modest, there could be a big boost for the coffee giant.
In its quest to build a food business to match its coffee empire, Starbucks has gone shopping once again.
Last week, the coffee giant made a strategic investment and became a global licensee of Princi, a “renowned boutique bakery and cafe,” as Starbucks said in its press release.
Princi has just five locations, in Milan and London, but Starbucks plans to make it the exclusive food purveyor in all new Reserve Roastery locations, including in New York (slated to open in 2018) and Shanghai (slated to open in 2017), as well as its Reserve cafes (500 Starbucks Reserves stores are planned worldwide). With a group of investors, Starbucks also plans to expand the number of stand-alone Princi locations, taking the brand around the world. CEO Howard Schultz noted that the plans for the Roasteries mark the first time in 45 years that Starbucks will be baking inside of its stores, adding, “I can think of no better pairing for our most premium coffee experience and am excited by the possibilities we envision in Princi food elevating every daypart — breakfast, lunch, and dinner — in Starbucks Roasteries and Reserve Stores.” Read more at The Motley Fool…
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