Starbucks to open first cafe in Italy

US coffee giant Starbucks announced Monday that it is preparing to conquer the spiritual home of coffee with plans to open its first branch in Italy.

The chain will open a store in Milan in 2017 in a joint venture with Italian retail network Percassi, according to the company.

But Starbucks will have a battle on its hands attempting to lure customers in a country which is already flooded with established cafés.

Italian coffee bars serve six billion espressos a year worth 6.6 billion euros ($7.2 billion), while 41 percent of Italian adults drink at an espresso bar at least once a week, according to market analysts OIFB.

After Milan, Starbucks plans to open outposts in Verona and Venice, Starbucks chief executive Howard Schultz told Italian newspaper Corriere della Sera.

He said the firm is preparing to invest millions of euros in the country in the coming years as well as creating new jobs.