Friday, 28 July 2017

Starbucks to take full ownership of its China stores after buyout deal

Starbucks is to take full ownership of all its China outlets, after agreeing to buying out its joint venture partner for $1.3bn (£994m).

The deal will see it acquire the 50% stake it does not already hold in 1,300 stores in Shanghai and the provinces of Jiangsu and Zhejiang.

Starbucks already fully owns the other 1,500 outlets in China - its fastest-growing market outside of the US.

The coffee giant said the buyout was its biggest ever acquisition.

The announcement came as Seattle-based Starbucks announced net income fell 8.3% to $691.6m for the three months to July - only just matching market expectations.

BBC          News.

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