Starbucks Coffee International will acquire full ownership of more than half of its retail stores on China’s mainland from joint venture partner Maxim’s Caterers Ltd under its strategy to speed up expansion in China and build it into its second home market.
The deal allows the world’s largest coffee chain to take full control of its business in Central, South and West China, including Guangdong, Hainan, Sichuan, Shaanxi and Hubei provinces as well as Chongqing, according to its statement. No financial details were unveiled.
Analysts said foreign companies have been pursuing more independent operations in China after years of cooperation as they want to improve management and accelerate expansion to boost profitability.
(Source: Shanghai Daily)