Reported about 11 hours ago
Starbucks announced it has sold a majority 60% stake in its China business to Boyu Capital, valuing the business at $4 billion. The deal aims to leverage Boyu's local expertise to accelerate Starbucks' growth in the region, especially as the company plans to expand into smaller cities. The coffee chain anticipates that the total value of its China operations will exceed $13 billion. Currently, Starbucks has around 8,011 locations in China and aims to reach 20,000 in the future.
Source: YAHOO