Starbucks to own 100 percent of China stores after buying out partners
iStock/Thinkstock(SHANGHAI) — Starbucks is buying out its Chinese partners to take full ownership of all its branches in the country.
The buyout deal will cost Starbucks $1.3 billion dollars. This will allow the Seattle-based company to acquire the 50 percent stake that it previously did not hold in 1,300 stores in Shanghai and the provinces of Jiangsu and Zhejiang, according to the BBC.
Starbucks already owns the other 1,500 outlets in China, which is its fastest-growing market outside of the U.S., the BBC reported.
However, Starbucks will give up its 50 percent stake in the 400-plus branches in Taiwan. The stores will be fully owned by their joint venture partners, which pay license fees to Starbucks.
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