Starbucks will sell a 60% stake in its China retail business to Hong Kong-based Boyu Capital for $4bn, forming a joint venture while keeping 40% and its brand and IP. The move, described by Starbucks as a new chapter in its 26-year China story, aims to inject capital and logistics support as it pushes beyond 8,000 stores toward as many as 20,000 amid steep competition from lower-priced rivals like Luckin. Analysts say domestic chains’ pricing, tech-fueled scale and delivery wars eroded Starbucks’s edge; the Boyu tie-up is meant to accelerate expansion into regional cities.

Prepared by Christopher Adams and reviewed by editorial team.