Starbucks reworks China strategy, to sell 60% control to local investor Boyu

Starbucks announces a $4 billion joint venture with Boyu Capital to run its retail operations in China, with Boyu taking a 60% stake. The deal values Starbucks' China business at over $13 billion and aims to bolster its presence amid competition from local rivals like Luckin Coffee. The partnership is expected to close in the second quarter of Starbucks' 2026 fiscal year, pending regulatory approvals.