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June 02, 2011 at 07:21 AM
The world's largest coffee chain has come to the world's second-largest economy, China, in a big way. Starbucks has signed a joint venture agreement with Maxim's Caterers Ltd., its partner in South China, that will give the American coffee company 100% equity in more than half of its retail stores in the Chinese provinces of Guangdong, Hainan, Sichuan, Shaanxi and Hubei, and the municipality of Chongqing.
Reuters reported late Wednesday that Maxim's had acquired Starbucks' remaining equity stake in the Hong Kong and Macau markets.
John Culver, president of Starbucks Coffee International, said in a statement, "Full ownership of our stores in Central, South and Western China is part of our broader strategy to build China as our second home market outside of the U.S."
