Claim:
A viral image on social media claims that Starbucks is exiting India due to high costs, bad taste, and mounting losses.
Fact:
This claim is false. Tata Consumer Products, Starbucks’ partner in India, has categorically denied these rumors, labeling them as “baseless.” Despite reporting widened losses, Starbucks and Tata Consumer Products remain committed to the Indian market.
Evidence:
- Hindustan Times (December 19, 2024): Tata Consumer Products clarified in official letters to major Indian stock exchanges that the report about Starbucks’ exit is untrue.
- Times of India (December 19, 2024): While acknowledging operational challenges and widened losses, Tata Starbucks confirmed its commitment to the Indian market. They are working on strategies to cater better to local consumer preferences and pricing models.
Conclusion:
The viral claim about Starbucks exiting India is baseless. Both Tata Consumer Products and Starbucks have reaffirmed their dedication to serving the Indian market, focusing on overcoming challenges and adapting to local demands.