Starbucks has attracted strong interest from investors looking to buy a stake in its China business, CEO Brian Niccol told the Financial Times on Wednesday.
The U.S. coffee giant is seeking partners to help expand its presence in China, its second-largest market, where it currently operates about 8,000 stores.
Niccol said many investors recognize the value of the Starbucks brand and see growth potential in China’s coffee market. He expressed confidence that partners would be eager to work with Starbucks to increase the number of stores to 20,000 in the coming years.
Several private equity firms, including KKR & Co, Fountainvest Partners, and PAG, have shown interest in acquiring a stake, according to reports.
Starbucks is exploring this sale as part of a broader strategy to revive sales and compete more effectively against local rivals like Luckin Coffee and Cotti Coffee, which have gained market share in China.
The move could bring in local expertise and resources to help Starbucks adapt to the changing market landscape. Despite challenges, Starbucks remains committed to its long-term growth in China.
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