Starbucks forms joint venture with Boyu Capital to run China business
1. Starbucks formed a joint venture with Boyu Capital for China operations. 2. Boyu Capital pays $4 billion for a 60% stake in the venture. 3. Starbucks values its China business at over $13 billion despite declining sales. 4. Increased competition, especially from Luckin Coffee, impacts Starbucks' market position. 5. Starbucks retains 40% stake and licensing control in the joint venture.