Reported about 8 hours ago
Starbucks, once a dominant force in China's coffee scene, is selling its controlling stake to Chinese investment firm Boyu Capital due to increased competition from local brands like Luckin Coffee and changing consumer preferences. The move comes as Starbucks faces challenges like declining sales and a shift towards domestic brands amid China's sluggish economy. Although the company plans to retain a minority stake and license its brand, this strategic shift marks a significant change in its presence in the world's second-largest economy.
Source: YAHOO