Mixue has grown into the world’s biggest food and beverage chain by selling sub-$1 drinks and adapting quickly as domestic consumers spend less. That’s hard for the $107 bln US coffee icon to compete with and may add a bitter taste to a stake sale in its Chinese business.
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Starbucks has received “a lot of interest” in the sale of a stake in its China business as it explores a partnership with an outside investor to restore growth there, CEO Brian Niccol told the Financial Times in an interview published on June 11. As of the end of March the Seattle-based coffeehouse chain was operating 7,758 stores in China.
Mixue has surpassed Starbucks and McDonald’s as the world’s largest food and beverage company by store count, with 46,479 in 11 countries by December, according to the bubble tea retailer’s listing prospectus. The company went public in Hong Kong on March 3.