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Starbucks (NASDAQ: SBUX ) had better watch its back. Literally.
Earlier this month, the coffeehouse chain announced a plan to expand its business significantly in Indonesia and the Philippines, opening 100 new stores in the former over three years and 100 new stores in the latter over four. Today, the company's archrival, Dunkin' Brands (NASDAQ: DNKN ) is following hard on Starbucks' heels with an announcement that it, too, is headed to Southeast Asia.
Granted, for now Dunkin' says it's only entering the Filipino market, and not Indonesia. Granted, too, Dunkin' is spearheading its move into the country with its Baskin-Robbins brand, rather than with its coffee-and-donut shops. But still -- where Starbucks has trodden, Dunkin' is following.
Dunkin' says its plan is to develop the B-R brand in the Philippines, opening as many as 50 stores in the island nation over the next five years. It's signed a master licensing agreement with local operator IceDream to help with the expansion, noting that the company has "a deep understanding of the Filipino consumer and a proven track record of success in the local restaurant industry."
Dunkin' Brands shares are up 1.1% on the news. Showing that Starbucks shareholders aren't exactly frightened of the potential for competition, though, it appears Starbucks shares are up, too -- 0.8%, and trading at $59.90.