Tata Starbucks, a joint venture between Starbucks Coffee Company and Tata Consumer Products Limited, reported a revenue of INR 1087 crore in the fiscal year 2023, representing a 71% increase from INR 635.7 crore in the previous fiscal year. The growth was primarily driven by the addition of new retail outlets during the fiscal year, with Starbucks’ revenue for the quarter increasing by 48% year-on-year.
With 333 stores currently in operation, Tata Starbucks added 71 new outlets in FY23, including 22 in the fourth quarter alone. This marks the highest-ever annual store addition, with the company entering 15 new cities during the year. According to Sunil D’Souza, Managing Director & CEO of Tata Consumer Products, Tata Starbucks is looking to expand its presence even further and enhance its relevance for more consumer segments.
In an effort to drive familiarity among consumer segments and create more opportunities for consumers to visit Starbucks, the company ran a pilot across four cities in 2022. The pilot stores demonstrated improved operating metrics, and these workstreams will be rolled out nationally in 2023. Additionally, Tata Consumer Products reported that its My Starbucks Rewards program saw a 100% growth year-on-year, crossing 2.3 million members.
Tata Consumer Products also announced its consolidated net profit for the March quarter at INR 289.56 crore, up 21.1% year-on-year. The company’s revenue from operations stood at INR 3618.73 crore. Sunil D’Souza highlighted the group’s focus on digital transformation, stating that it will be used to drive decision-making in areas such as new product development, procurement, and revenue growth management.
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