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“We’ve been working to identify a strategic partner with a like-minded vision and values to help us capture further growth opportunities in China,” Niccol said during an earnings call on Tuesday. “We remain committed to our China business and want to retain a meaningful stake.”
Starbucks’ China unit, valued at up to US$10 billion, has attracted interested private equity bidders, including Centurium Capital, which also backs local competitor Luckin Coffee, Carlyle Group, Hillhouse Capital and KKR, CNBC reported earlier this month.
The development comes as the Seattle-based coffee chain reported a third consecutive month of revenue growth in mainland China in the fiscal quarter ended June 29. The world’s second-largest economy accounts for nearly one-fifth of the company’s 41,097 stores globally and 8 per cent of its US$9.5 billion revenue, according to the Post’s calculations based on its financial data.
