Starbucks Coffee International announced plans to take majority control of Coffee Concepts (Southern China) and will expand its presence on the mainland.
Starbucks now holds a 5 per cent equity stake in the company which is a joint venture with Mei Xin (International), a fully owned subsidiary of Maxim's Caterers. After the transaction is completed in the next 30 days, Starbucks will hold 51 per cent.
Maxim's retains majority control of the joint venture that operates coffee houses in Hong Kong and Macau, and the new agreement extends the life of that co-operation by 10 years to 2037.
Starbucks will open a new Dongguan store in July adding to the 13 it already has in southern China. Its lattes will also be available for the first time in Chengdu from September, in a separate venture with the Maxim's subsidiary that gives Starbucks 70 per cent control.
