Starbucks sells its second-largest business

Core Insights - Starbucks is making a significant move by entering a joint venture with Boyu Capital, selling a controlling interest in its China operations for $4 billion, while retaining a 40% stake in the business [3][4]. Group 1: Joint Venture Details - Starbucks has agreed to a joint venture with Boyu Capital, where Boyu will hold a 60% interest in Starbucks' retail operations in China [3]. - The deal allows Starbucks to maintain ownership of its brand and intellectual property, while also anticipating the total value of its China retail business to exceed $13 billion over the next decade [4]. - Starbucks plans to expand its store count in China from 8,000 to as many as 20,000 locations [5]. Group 2: Strategic Intent - The company is seeking a strategic partner that shares its vision for providing a premium coffeehouse experience, indicating a commitment to long-term growth in China [2][3]. - Starbucks aims to enhance customer experience and innovation through this partnership, focusing on expanding into new regions and deepening customer connections [5][6].