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Starbucks to own 100% of its China stores after buyout deal
Published on: 2017-08-01
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032Starbucks is to take full ownership of all its China outlets, after agreeing to buying out its joint venture partner for $1.3bn.


The deal will see it acquire the 50% stake it does not already hold in 1,300 stores in Shanghai and the provinces of Jiangsu and Zhejiang.


Starbucks already fully owns the other 1,500 outlets in China - its fastest-growing market outside of the US.

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The coffee giant said the buyout was its biggest ever acquisition. The announcement came as Seattle-based Starbucks announced net income fell 8.3% to $691.6m for the three months to July - only just matching market expectations.


The company also announced plans to close all 379 of its Teavana stores by the middle of next year because they had been "persistently underperforming".

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Starbucks bought the tea brand for $620m in 2012, and plans to continue carrying the products in its main Starbucks stores.


Starbucks already has a presence in 130 Chinese cities and hopes to expand its 2,800 stores to more than 5,000 outlets by 2021.

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There are nearly 600 stores in Shanghai alone, the largest number of any city globally.

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