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E-Mart Inc. shares soared to a near four-month high of 172,000 won Thursday after it bought an extra 17.5 percent Starbucks Korea stake for 473.3 billion won to become the coffee chain's largest shareholder at 67.5 percent.
Singaporean sovereign growth fund GIC Private Ltd. bought the remaining 32.5 percent from Seattle-based Starbucks Corp.
Analysts expect E-Mart’s increased control of Starbucks Korea to significantly boost its sales and profitability.
E-Mart’s revenue and operating profit for 2021 are forecast to rise 10 percent and 50 percent as a result of the stake acquisition in Starbucks Korea.
The collective estimate of E-Mart’s and Starbucks Korea operating profit is 634.7 billion won, up 168 percent from E-Mart's 237.2 billion won last year.
Starbucks Korea was established in 1997 as a 50-50 joint venture between E-Mart and Starbucks Corp.
The first branch was opened in 1999 and has expanded to 1,503 stores as of December.
South Koreans preference for coffee is growing at a brisk pace, with coffee imports surging to a record 176,648 tons in 2020, up 28 percent from 2019.
Starbucks holds the highest coffee franchise market share in South Korea.
