Starbucks said it would sell control of its operations in China to Boyu Capital in a deal that values the business at $4 billion - one of the largest divestments of a China unit by a global consumer company in recent years.
The Seattle-based coffee chain said the funds from investment firm Boyu will help it jump-start growth in the world's second-largest economy, where local rivals like Luckin and Cotti now offer lattes for $1.40 - less than a third of Starbucks' prices.
"We aim to bring the Starbucks experience to more customers, in more cities across China. We see a path to grow from today's 8,000 Starbucks coffeehouses to more than 20,000 over time," Starbucks CEO Brian Niccol said in a statement.
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