Starbucks has assumed 100% equity of its business in the important China provinces of Guangdong, Hainan, Sichuan, Shaanxi and Hubei, and the municipality of Chongqing. As a result, Starbucks now has full control of more than half of the Starbucks retail stores in Mainland China as it looks to accelerate growth in the future.
Also as part of the agreement, Maxim’s has acquired Starbucks remaining equity stake in the Hong Kong and Macau markets, assuming 100% equity of those markets.
The partnership between Starbucks and Maxim’s started more than 11 years ago in Hong Kong, with the opening of the first Starbucks store in Hong Kong’s Exchange Square.
There are now more than 110 Starbucks stores in Hong Kong and Macau, employing more than 1,300 partners in both markets.
Starbucks
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