Starbucks gains full ownership of over half of their Chinese retail stores

Starbucks in Shanghai - credit: Starbucks

(Best Syndication News) Starbucks Coffee Company (NASDAQ:SBUX) announced that they have signed a contract with Maxim’s Caterers Ltd., which gives Starbucks 100 percent equity of many of their Chinese stores. Maxim Cateres Ltd., is an ongoing joint-venture partner with Starbucks for over the last 11-years.

The provinces that Starbucks gained 100 percent ownership in were Guangdong, Hainan, Sichuan, Shaanxi and Hubei, and the municipality of Chongqing. On mainland China, Starbucks now has full ownership of over half of their retail stores.

John Culver, President of Starbucks Coffee International, said that the company has a goal of having 1,500 retail stores across China by 2015.

Maxim gained 100 percent equity of ownership of Hong Kong and Macau stores, which was also part of the agreement. Maxim first teamed up with Starbucks to open the first Starbucks retail store in Hong Kong’s Exchange Square.

By: Tom Madison

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