Starbucks Selling Control of China Business to Boyu Capital in $4 Billion Deal

The new joint venture aims to regain momentum amid growing competition in China.People leave a Starbucks in New York City on Jan. 14, 2025. Angela Weiss/AFP via Getty Images11/4/2025|Updated: 11/4/2025Starbucks said on Nov. 3 that it is selling a majority stake in its China retail business to Hong Kong-based private equity firm Boyu Capital for $4 billion.The retail coffee giant, which values the China business at more than $13 billion, will form a joint venture to revitalize growth in its second-largest market.Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of “The War on Cash.”Author’s Selected Articles