Market Chatter: Starbucks Considering Strategic Partnerships to Grow China Business

MT Newswires Live11-22 10:39

Following reports that Starbucks is considering a stake sale to a Chinese partner, the coffee chain said it is "working to find the best path to growth," including exploring strategic partnerships, Reuters reported Thursday.

This echoed an earlier statement of Chief Executive Brian Niccol, who said in October that the company is exploring strategic partnerships amid the "extreme" competitive environment in China, its second largest market.

Starbucks has been facing lower product demand in major markets, with sales in China declining for three straight quarters, according to the report.

"We are fully committed to our business and partners, and to growing in China," Starbucks told Reuters.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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