Starbucks announced on November 3 that it will sell control of its China business to investment firm Boyu Capital in a deal valued at $4 bn, marking one of the largest divestments by a global consumer brand in China in recent years.
Boyu to Take 60% Stake in Joint Venture
Under the agreement, Starbucks and Boyu Capital will form a joint venture in which Boyu will hold up to 60% of Starbucks’ retail operations in China. Starbucks will keep a 40% stake and continue to own and license its brand and intellectual property to the new entity, the companies...