Starbucks to sell majority stake in China business

Starbucks announces sale of 60% stake in China business to Boyu Capital in a $4 billion deal, with Starbucks retaining ownership of the brand. This move aims to bolster Starbucks' presence in China amidst competition from local brands like Luckin Coffee. Starbucks plans to introduce new products and digital platforms in China, with Boyu Capital's expertise expected to drive long-term growth in the region.