星巴克卖股权只为换“国风”，谁会为它买单？

Core Viewpoint - Starbucks and Burger King are adapting their strategies in the Chinese market to remain competitive against local brands, focusing on localization and strategic partnerships rather than merely seeking financial investment [3][5][9]. Group 1: Starbucks Strategy - Starbucks is seeking a strategic partner in China, not selling its business, aiming to enhance brand development through local expertise [12][14]. - The company has nearly 8,000 stores in China, its second-largest market, but faces increasing pressure from local competitors [15][16]. - Starbucks needs local insights to navigate the complex Chinese market, including collaboration with local delivery platforms and social media [18][20]. - The potential partners include major investment firms and tech companies, indicating a desire for more than just financial backing [19][20]. - Starbucks aims to retain a significant equity stake, indicating a desire for control while seeking collaboration [21][23]. - The valuation of Starbucks' Chinese business has reportedly increased from $5 billion to nearly $10 billion, reflecting its perceived value despite market competition [24]. Group 2: Burger King Strategy - Burger King's parent company, RBI, has taken full control of its China operations, moving away from a less effective franchise model [27][28]. - The company is also seeking a local partner to enhance its operational capabilities in the Chinese market [30][35]. - A new management team with extensive experience in the Chinese food and beverage sector has been established to drive local operations [31][32]. - Recent changes have led to a turnaround in performance, with same-store sales showing positive growth after several quarters of decline [32][41]. - Burger King is focusing on local product innovations and collaborations with popular culture to attract younger consumers [33][34]. Group 3: Market Dynamics - The Chinese market is rapidly evolving, with consumers demanding better value, novelty, and social engagement from brands [9][38]. - Both Starbucks and Burger King are recognizing the need for local adaptation to survive in a competitive landscape dominated by agile local brands [38][46]. - The future success of these brands will depend on their genuine commitment to localize operations and the effectiveness of their partnerships [47][48].