Starbucks ups stake in Chinese joint venture
Starbucks has extended its rapidly growing presence in China with an increased stake in its existing joint venture with Maxim Caterer's Ltd.
The US coffee chain plans to boost its equity stake in southern China's Coffee Concepts from its current 5% to 51%. Coffee Concepts is a joint venture between Starbucks and Hong Kong-based Maxim's Caterers Ltd, and the licensee for Starbucks cafes in China. As part of the agreement, Maxim's will acquire 30% of Starbuck's new operation in China's southwestern city of Chengdu, Starbucks will retain the remaining 70% share. At present, the joint venture operates 13 coffee shops in southern China with Coffee Concepts as the licensee. The US coffee chain says it plans to continue growth in the region: The decision to expand our relationship with Maxim's is a sign of our confidence and continued commitment to building a great business throughout China, Christine Day, president of Asia Pacific Group of Starbucks Coffee International, commented in a statement. We will continue our expansion in China and the pace will depend on the development of coffee culture in the country, said Day. Starbucks arrived in Hong Kong in 2000 and has overtaken local competitor Pacific Coffee, at a rate of growth of almost one new cafe a month.
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