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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Starbucks is said to consider selling stake in Chinese business</h1><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Thu, Nov 21, 2024 · 01:18 PM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent 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md:px-8">Starbucks has faced pressure from activist Elliott Investment Management, which wants it to commit to reviewing its Chinese business. PHOTO: BLOOMBERG</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">STARBUCKS is exploring options for its Chinese operations including the possibility of selling a stake in the business, according to sources with knowledge of the matter.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The coffee chain has been speaking to advisers about ways to grow its operations in China including the potential introduction of a local partner, the sources said, asking not to be identified because the information is private. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">It has informally gauged interest from prospective investors, including domestic private equity firms, the sources added.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A stake sale could also attract interest from Chinese conglomerates or other local companies with experience in the industry, some of the sources said. Starbucks is still evaluating its options and has not made a decision about whether to proceed, they revealed. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Starbucks has faced pressure from activist Elliott Investment Management, which wants it to commit to reviewing its Chinese business, Bloomberg News has reported. In previous years, McDonald’s and Yum! Brands have carved out their Chinese operations and sold stakes to private equity firms to tap more growth and better cater to local tastes. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">China is the second-biggest market globally for Starbucks and generated about US$3 billion of net revenue in the most recent financial year, when the company increased its store count in the country by 12 per cent. But local upstarts such as Luckin Coffee are increasingly challenging their position. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:R5l5moodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rblmoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">New Starbucks chief executive officer Brian Niccol told analysts last month that he is working to better understand the company’s Chinese operations, noting that the competitive environment seems “extreme” and the macro environment is “tough”. Starbucks needs to figure out how to expand in the market and is continuing to explore strategic partnerships that could help it over the long term, Niccol said at the time, without providing further details. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“We are fully committed to our business and partners, and to growing in China,” a spokesperson for Starbucks said in response to Bloomberg News queries this week. “We are working to find the best path to growth, which includes exploring strategic partnerships.” </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Niccol, the former CEO of Chipotle Mexican Grill, took the reins at Starbucks in September after his predecessor Laxman Narasimhan failed to revive its flagging fortunes and was abruptly ousted. Niccol has vowed to redouble efforts to improve Starbucks’s physical locations and speed up service times. Shares of Starbucks have gained about 2 per cent this year, giving the company a market value of about US$111 billion. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5378916" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/consumer-healthcare/starbucks-shrank-retail-staff-8-despite-hundreds-new-stores" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/410353cd76d45ca027cb8995e08a95880657c9017924079883efe393cf0964fd?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/410353cd76d45ca027cb8995e08a95880657c9017924079883efe393cf0964fd?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/410353cd76d45ca027cb8995e08a95880657c9017924079883efe393cf0964fd?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/410353cd76d45ca027cb8995e08a95880657c9017924079883efe393cf0964fd?q=20&w=3&h=2&f=webp" loading="lazy" alt="Starbucks’ operations are under scrutiny following a sales slump that led to the abrupt ouster of chief executive officer Laxman Narasimhan. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5378916"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Starbucks shrank retail staff 8% despite hundreds of new stores" href="/companies-markets/consumer-healthcare/starbucks-shrank-retail-staff-8-despite-hundreds-new-stores" target="_blank">Starbucks shrank retail staff 8% despite hundreds of new stores</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5277115" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/new-starbucks-ceo-testing-investors-us21-billion-bet" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/045ccad469009d281f55a20f799722eec3569e5e43181efc660c2be6d7bdf47e?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/045ccad469009d281f55a20f799722eec3569e5e43181efc660c2be6d7bdf47e?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/045ccad469009d281f55a20f799722eec3569e5e43181efc660c2be6d7bdf47e?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/045ccad469009d281f55a20f799722eec3569e5e43181efc660c2be6d7bdf47e?q=20&w=3&h=2&f=webp" loading="lazy" alt="Some investors are sceptical of Starbucks’ prospects, even with Niccol in charge. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5277115"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="New Starbucks CEO is testing investors’ US$21 billion bet" href="/companies-markets/new-starbucks-ceo-testing-investors-us21-billion-bet" target="_blank">New Starbucks CEO is testing investors’ US$21 billion bet</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5263722" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/consumer-healthcare/starbucks-threatens-fire-staff-who-dont-come-back-office" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/6511dc0fab41fbbe149906da5515cdf24ed7930b9893d9b4bcf795fb6cd807b8?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/6511dc0fab41fbbe149906da5515cdf24ed7930b9893d9b4bcf795fb6cd807b8?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/6511dc0fab41fbbe149906da5515cdf24ed7930b9893d9b4bcf795fb6cd807b8?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/6511dc0fab41fbbe149906da5515cdf24ed7930b9893d9b4bcf795fb6cd807b8?q=20&w=3&h=2&f=webp" loading="lazy" alt="Starbucks is the latest company to shift from carrots to sticks in the ongoing return-to-office battle that has been playing out at workplaces." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5263722"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Starbucks threatens to fire staff who don’t come back to office" href="/companies-markets/consumer-healthcare/starbucks-threatens-fire-staff-who-dont-come-back-office" target="_blank">Starbucks threatens to fire staff who don’t come back to office</a></h3></div></div></div></div><div data-testid="section-related-stories" class="overflow-hidden transition-all duration-300" style="height:0"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5216344" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/consumer-healthcare/starbucks-suspends-2025-guidance-after-another-sales-slump" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/24941bf276f3f75d5d6a5d97776482e5ccd3959be7a663d40b531fc31c65271d?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/24941bf276f3f75d5d6a5d97776482e5ccd3959be7a663d40b531fc31c65271d?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/24941bf276f3f75d5d6a5d97776482e5ccd3959be7a663d40b531fc31c65271d?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/24941bf276f3f75d5d6a5d97776482e5ccd3959be7a663d40b531fc31c65271d?q=20&w=3&h=2&f=webp" loading="lazy" alt="Starbucks will report full results on Oct 30." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5216344"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Starbucks suspends 2025 guidance after another sales slump" href="/companies-markets/consumer-healthcare/starbucks-suspends-2025-guidance-after-another-sales-slump" target="_blank">Starbucks suspends 2025 guidance after another sales slump</a></h3></div></div></div></div><div class="w-full"><div class="cursor-pointer place-self-center border-t border-gray-175 pt-3 text-right !font-poppins text-base font-semibold capitalize tracking-normal !text-gray-850 [@media(hover:hover)]:hover:underline">More</div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Starbucks had 7,596 outlets in China as at late-September, accounting for about 19 per cent of the global total. Same-store sales fell 14 per cent in China last quarter.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Other Western chains have also sought local tie-ups in China after struggling to catch up with more nimble rivals. In 2016, KFC operator Yum sold a stake in its Chinese operations to Primavera Capital, a private equity firm led by former Goldman Sachs rainmaker Fred Hu, and tech billionaire Jack Ma’s Ant Financial Services Group. That set the stage for it to spin the business off in a separate listing, which came after pressure from activist investor Corvex Management. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The following year, McDonald’s sold a controlling stake in its China and Hong Kong operators for US$1.7 billion to a group of investors including state-backed conglomerate Citic, domestic buyout firm Citic Capital Holdings and Carlyle Group. <!-- -->BLOOMBERG</p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Share with us your feedback on BT's products and services</p><div class="flex flex-wrap"><a class="!outline-none 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md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu3" class="adunit-component"></div></div></div></div></div></div><div></div></div><div data-component="component-container" class="container px-3 flex md:gap-6 lg:flex-row flex-col-reverse"><section class="my-5"><h2 class="border-t-2 border-gray-850 pt-3 font-poppins text-lg font-semibold uppercase tracking-[0.05625rem]"><a class="!text-gray-850" href="/companies-markets/consumer-healthcare">more in <!-- -->Consumer & Healthcare</a></h2><ul data-testid="stories-from-same-section" class="grid lg:grid-cols-2"><li class="h-full border-b border-gray-175 py-3"><div class="mb-2 mt-1 flex h-full flex-grow flex-col border-gray-175 py-3 pb-2 lg:border-r lg:pr-3"><h2 class="font-lct text-base font-bold"><a class="block !text-gray-850" href="/companies-markets/hot-stock-thaibev-rises-2-9-married-deals-after-results-release">Hot stock: ThaiBev rises 2.9% on married deals after 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