The Russian hospitality entrepreneur is reportedly set to become a co-owner of Starbucks’ former stores in the country, where the Seattle-based coffee chain closed its 130 outlets in May following the invasion of Ukraine
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Starbucks announced it will no longer have a brand presence in Russia in May 2022 | Photo credit: via Shutterstock
Restaurateur Anton Pinskiy will reportedly become a co-owner of Starbucks' former coffee shops in Russia, according to Forbes Russia.
Pinskiy, who owns 12 restaurant brands in Russia as part of the Pinskiy&Co group, will reportedly partner with Russian rapper Timati and Sindika Holding Company, a Moscow-based investment firm.
The acquisition relates to 130 former Starbucks premises in Russia, which were operated by Kuwait-based Alshaya Group. However any use of Starbucks branding for the new venture will be prohibited under the terms of the Seattle-based chain’s exit from the Russian market.
According to Forbes, Pinskiy first approached Starbucks in March 2022 after the coffee chain announced the suspension of its business in the country in response to the invasion of Ukraine. In May 2022, Starbucks announced it will no longer have a brand presence in Russia.
The Seattle-based coffee chain is currently supporting its 2,000 staff in Russia, including continued pay for six months and assistance in transitioning to new job opportunities.
Pinskiy&Co operates a portfolio of 12 restaurants, including the Avocado Queen, Folk and Magadan brands, with recent expansions in Spain, Turkey and the United Arab Emirates.
The acquisition of Starbucks’ infrastructure in Russia echoes that of McDonald’s, which exited the market in May 2022, closing 154 McCafé locations. Consequently, McDonald’s business in Russia was acquired by local entrepreneur Alexander Govor, who rebranded the locations as the ‘Tasty and That's It’ fast food chain.