The coffee chain has invested an undisclosed amount in high-end bakery and cafe Princi, helping the brand to expand internationally.
The deal brings Princi initially to Starbucks' tasting outlets, Starbucks Roastery, in Shanghai and New York in 2017 and 2018 respectively. Through 2017, Starbucks will roll out Princi availability to all Starbucks Reserve stores globally.
These are not standard Starbucks stores, but more upscale versions brewing the brand's exclusive small-lot coffees. A Starbucks Reserve outlet opened in London's Upper St Martin's Lane in London last year.
"We have never baked in our stores in 45 years," said Howard Schultz, chief executive of Starbucks. "But all of that will change with the creation of this unique partnership."
Starbucks has invested along with Angel Lab and Pekepan Investments, with the round helping the bakery to expand worldwide beyond its five locations in Milan and London.
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