NEW DELHI: Coffee chain Tata
Starbucks on Monday announced its foray in the handcrafted packaged take-away beverage segment aimed at in-home consumption at a time when consumers are continuing to stay away from malls and restaurants.
“This aligns closely with the rapidly evolving preferences of our customers,” Tata Starbucks chief executive Navin Gurnaney said in a statement. Tata Starbucks, which operates 186 stores across the country, competes with
Cafe Coffee Day, Barsita and
Costa Coffee.
Earlier this month, the Seattle-based
Starbucks Corp said it will take a US $3.2 billion hit on revenue in its fiscal third quarter on account of the ongoing pandemic.
“The Starbucks brand is resilient, customer affinity is strong and we believe the most difficult period is now behind us,” Starbucks President and chief executive Kevin Johnson said in an open letter.
The cafe chain said in a regulatory filing that the COVID-19 outbreak led to reduction of its operating income between $2 billion and $2.2 billion.