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Starbucks (NASDAQ: SBUX) is reportedly exploring the sale of a stake in its China business as it grapples with declining sales in its second-largest market. Private equity giants KKR & Co (NYSE: KKR), Fountainvest Partners, and PAG are among potential buyers, alongside Chinese firms such as China Resources Holdings and Meituan, sources revealed.
Starbucks’ executive vice president and CFO, Rachel Ruggeri, is expected to visit China soon for discussions. While the exact size of the stake remains uncertain, the company is likely to pursue a franchise deal similar to Yum Brands’ China strategy. A stake sale could value Starbucks China at over $1 billion.
CEO Brian Niccol is under pressure to revamp Starbucks amid slowing demand in the U.S. and China. In response, the company announced 1,100 corporate job cuts as part of the "Back to Starbucks" initiative, focusing on operational efficiency and customer experience.
The move comes as Starbucks faces increasing competition from low-cost local brands such as Luckin Coffee (OTC: LKNCY) and Cotti, which have expanded aggressively with cheaper alternatives. Economic slowdown and declining consumer spending have further challenged the coffee giant’s market position.
Despite strategic efforts like price promotions and smaller portions, Starbucks’ comparable sales in China fell for four consecutive quarters, including a 6% drop in Q4 2024. The company aims to finalize a deal by year-end, though specifics remain subject to change.
Starbucks has yet to confirm the sale talks, but Niccol previously emphasized the importance of strategic partnerships to strengthen the brand’s presence in China.
