Starbucks (SBUX) plans to open 500 new stores and add 5,000 jobs in the Middle East over the next five years, Bloomberg reported Friday, citing Chief Executive Officer Brian Niccol.
Through a licensing agreement with Kuwait's Alshaya Group, the company already operates over 1,300 stores in the region, the report said.
In an interview with Bloomberg, Niccol also said Starbucks will add thousands more stores in China in the future.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.