Reported about 9 hours ago
Starbucks Corp. has sold a 60% stake in its China operations to Boyu Capital for $4 billion, aiming to revitalize its presence in the competitive market where it faces challenges from local competitors. The collaboration allows Starbucks to retain 40% ownership and continue to license its brand. Despite recent struggles, Starbucks CEO Brian Niccol has expressed optimism about expanding its store count from 8,000 to over 20,000, supported by a slight increase in comparable store sales in the fourth quarter.
Source: YAHOO