Starbucks Sells Controlling Stake in China Business in $4 Billion Deal

Starbucks announced it will sell a controlling stake of up to 60% in its China operations to investment firm Boyu Capital in a deal valuing the business at $4 billion. The move is aimed at revitalizing growth in a key market where Starbucks' market share has plummeted from 34% to 14% since 2019 due to fierce competition from local rivals like Luckin Coffee. The joint venture aims to expand Starbucks' presence from 8,000 to over 20,000 stores in China.