The American coffee giant has agreed to Starbucks China stake sale business for $4bn to Boyu Capital in a move that would help it to accelerate Starbucks business expansion in the country.

The deal, which was announced on Monday, will see Boyu Capital acquire 60% of Starbucks’ Chinese retail operations via a joint venture.

Boyu Capital is based in Shanghai, Beijing and Singapore, with Reuters reporting that cofounder Alvin Jiang is the grandson of former Chinese President Jiang Zemin.

Starbucks, which has been in China for 26 years, will retain a 40% holding in the business, and said it would continue to have full management Starbucks corporate strategy of its brand and intellectual property in the country.

The company described the deal as the start of a “new chapter” in its history i

See Full Page