Culver says Indian customers have embraced Starbucks and sees great oppurtunity for the company to expand across the country. "We have been able to bring something that is unique to the market, that doesn't currently exists in terms of the third place that we have created with these beautiful stores as well as the quality of the beverage and the hand crafted personalisation of those beverages for each of the customers, its been tremendous to see the excitement that customers have for Starbucks here in India," he says.
Below is the edited transcript of Culver and Davda's interview to CNBC-TV18.
Q: This is the seventh store in India. You started off and you launched your first store in Mumbai on October 19. What has been the experience so far in India?
Culver: So far what we have seen in all of our stores that, with this store being our seventh here in New Delhi, is that the customer response has just been tremendous. They have embraced Starbucks. We have been able to bring something that is unique to the market, that doesn't currently exists in terms of the third place that we have created with these beautiful stores as well as the quality of the beverage and the hand crafted personalisation of those beverages for each of the customers, its been tremendous to see the excitement that customers have for Starbucks here in India.
Q: The fact of the matter is that you are a late entrant. There are already several players like Barista, Café Coffee Day and so on and so forth who exists in this market. You are still continuing to go slow, why?
Davda: Every category that you pick up, whether it is retail or any other in India, there are local brands that exist. At the same time there is a cache that the brand Starbucks enjoys. In terms of pace of expansion, we are very happy to open the store in Delhi and it is a fitting atmosphere that we have created. We intend to grow aggressively across the country and we are very respectful of competition. At the same time, we do believe that the brand stands for certain values and its deep commitment to growing along with the communities.
Q: Talking about the communities in specific, UK's Starbucks has threatened to exit the market given the tax regime in the country. What are your thoughts on the tax regime in India and the overall regulatory environment per se?
Culver: What we have seen so far is that in meeting with the government, we have been embraced by the local government. We do business ethically and we abide by the local laws whether it is in the UK or whether its here in India. We are excited about the opportunity to bring Starbucks into the market and create a great experience for our customers and bring the Starbucks experience to life.
Q: When you talk about complying with laws and regulations, the fact is that there are international players who have entered the Indian market and who say that the cost of compliance is too high. So, overall if you look at the cost structure of India as an economy, how do you compare it with other emerging markets?
Culver: What we have seen so far is that there is a tremendous opportunity for Starbucks to grow here in this country. We are committed to India for the long-term. Over the long term, we want to have many stores here. We see India as potentially being one of the top five largest markets that Starbucks operates in over the long-term. It is important that we grow our business in a very respectful way, in a way that earns the customers loyalty, earns their trust and ultimately earns their business. You do that by offering high quality beverages but then also by giving back to the local communities where we do business.
More to come.
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