Starbucks has received 'a lot of interest' for China business stake, CEO tells FT
June 11 (Reuters) - Starbucks has received "a lot of interest" in the sale of a stake in its China business, its chief executive told the Financial Times in an interview published on Wednesday, as the U.S. coffee chain looks to revive sales in its second-largest market.
"The good news is we've got a lot of interest — a lot of interest," Starbucks CEO Brian Niccol told the FT.
"People see the value of the Starbucks brand. They see the coffee category is growing. I think they'd love to be partnering up with us in figuring out how we take this from 8,000 to 20,000 (stores)."
KKR & Co (KKR.N), opens new tab, Fountainvest Partners and PAG are among buyout firms interested in acquiring a stake in Starbucks' China business, Reuters reported in February.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
12 minutes ago
- BBC News
Boeing: What does the Air India crash mean for the plane maker?
Last month, Boeing celebrated carrying its billionth passenger on the 787 Dreamliner - an impressive feat given it only launched 14 years ago. Until today's tragic Air India crash in Ahmedabad, the model was a mainstay of intercontinental travel and had an exemplary safety is a different plane from the Boeing 737 Max, which was in the headlines after fatal crashes in Indonesia and Ethiopia, which killed hundreds of people in 2018 and 2019 respectively. A software fault was found to have caused those incidents and the model was grounded worldwide for 18 far, there is nothing to suggest any fault on Boeing's side today in India. A much fuller picture will come once the plane's black boxes - the electronic recording devices that store vital flight information - have been theories have been posited as to what could have caused the crash in Ahmedabad, but one pilot I spoke to said that nowadays it's rare for a manufacturer fault to cause a fatal incident. Barring the very notable exception of the Boeing 737 Max crashes, he said, most were down to human error in the cockpit. Follow live updates on this storyWhat we know so far about Air India flight AI171At the scene: 'Everyone is running trying to save lives'Verified video shows moment of crash It's also important to remember that when you fly commercially, you will almost always either be on a Boeing or an Airbus model as the plane-making industry operates as an effective so, Boeing has found its name associated with yet another tragic aviation company said its "thoughts are with the passengers, crew, first responders and all affected" and added that it was working with Air India to gather more information on the stock markets opened in New York on Thursday, Boeing shares dropped 5%. The tragedy is another problem for a firm that lost nearly $1bn a month last year, as it grappled with a safety crisis, quality control issues, as well as a damaging seven-week long workers' strike. After one of its doors flew off midway through an Alaska Airlines flight in 2024, Boeing was forced to pay $160m (£126m) in compensation. Before that, the company also reached a $428m settlement with Southwest Airlines for the financial damages caused by the long-term grounding of its 737 Max addition to severe financial issues, Boeing has faced serious questions over its safety practices. In April, the company said it had seen "improved operational performance" from "our ongoing focus on safety and quality".In 2019, a former employee told the BBC that under-pressure workers had been deliberately fitting sub-standard parts to aircraft on the production line. John Barnett, who worked as a quality control manager during his more than 30 years at Boeing, took his own life in March last year. Boeing denied his whistleblower, engineer Sam Salehpour, told US politicians that he was harassed and threatened after he raised concerns about the safety of Boeing's planes. Boeing said retaliation was "strictly prohibited" and it had seen a "more than 500% increase" in reports from employees since January, "which signals progress toward a robust reporting culture that is not fearful of retaliation".Boeing has also been embroiled in a series of legal battles related to the crashes in Indonesia and Ethiopia. Last month, the firm narrowly avoiding criminal prosecution by coming to an agreement with the US Department of Justice (DoJ).To the dismay of victims' families, the DoJ said Boeing would admit to "conspiracy to obstruct and impede" an investigation by the US Federal Aviation Administration and would pay more than $1.1bn in Boeing's top executive team has undergone a pretty significant shake-up over the past couple of years. Its new boss, Kelly Ortberg, came out of retirement a year ago to try to revive the ailing company. He has promised an improvement to Boeing's safety culture and recently said he was confident the aviation giant would soon return to he faces more awful news to navigate.
Daily Mail
30 minutes ago
- Daily Mail
Huge blow for Oregon as woke state's second biggest company moves HQ to ARIZONA, with GOP blaming Dems
An iconic coffee chain founded in Oregon has officially decided to move its headquarters from the woke state to Arizona. Dutch Bros Coffee confirmed this week that it will shift operations from its original base in Grants Pass to a growing office near Phoenix - another blow to the liberal state. The $11.8billion drive-thru business, which is Oregon's second most valuable company after the activewear brand Nike, announced it will relocate its corporate headquarters in the near future. The major move represent yet another high-profile business fleeing the area, where sky-high taxes, crime and regulations have driven companies to seek refuge in Republican states. The move comes just 18 months after the coffee giant tapped Arizona native Christine Barone as CEO as it revealed plans to use millions to relocate much of its workforce to Phoenix. OregonLive said Dutch Bros executives living near the current HQ in Grants Pass had struggled to find adequate childcare in the small city. But Republicans say the Democrats including Governor Tina Kotek should have fought far harder to keep the chain in the Beaver State, as its revenue continues to rocket. Some also suggested liberal policies passed in state capital Salem were anti-business and helped drive Dutch Bros to the Republican stronghold of Arizona 'Dutch Bros has been more than just a coffee company; it's been a valued employer, a community partner, and a symbol of local innovation and grit,' said Rep. Dwayne Yunker, R-Josephine County, in a written statement, as reported by Oregon Live. 'Their departure should alarm every policymaker in Salem,' Yunker said. has reached out to Kotek for comment but has not yet received a response. The coffee company claims the move is aimed to help 'bring more people together' in order to 'better serve customers' across the country. 'Over the past several months, we have seen the functional and cultural advantages of having more of our field support roles working together in one place,' the company wrote in a statement. 'To support the next phase of Dutch Bros' growth, we're relocating additional roles to our new Phoenix office and making strategic changes to the structure of several teams.' 'Bringing more people together will allow us to better serve our customers and crews across the country,' the company said. 'With these changes, the Phoenix office will become our official HQ.' Despite the move, Dutch Bros said it would maintain a presence in Southern Oregon and continue investing in the region through its charitable foundation. 'Additionally, through the Dutch Bros Foundation, we'll continue our long-standing commitment to uplifting and supporting the Southern Oregon community,' the company said. The coffee chain started as a humble cart in tiny Grants Pass back in 1992. Brothers Travis and late Dane Boersma built their operation into a nationwide company with over 1,000 locations. Annual sales have exploded from just $240million five years ago to a staggering $1.3billion last year, with predictions of another whopping 22 percent surge in 2025. The decision comes amid an ongoing trend of major companies leaving West Coast states, due to various factors such as crime, policies and taxes. Last month, a long-standing outdoor store decided to close all of its Oregon locations, marking another business casualty in Portland as crime remains at 'historic heights'. Republican lawmakers were quick to slam Democrat Governor Tina Kotek's administration for creating a business environment that drove away the hometown success story. She is pictured speaking with members of the media before casting her ballot on November 2, 2022 Next Adventure, a beloved outdoor gear store founded by childhood friends Deek Heykamp and Bryan Knudsen in 1997, grew into a 'beloved Portland institution' throughout its three decades in operation, making nearly $24 million in annual sales at its peak, Portland Business Journal reported. The business eventually expanded to four locations across Oregon - its flagship store in Portland's Central Eastside, another in Sandy, and two paddle centers in Portland and Columbia County. However, all four locations are set to close later this year, the owners announced. 'We're entering a very uncertain time, there are challenges and we're in our 60s,' Heykamp said at the time. 'So when you're in uncertain times, and you make decisions as a leader, it's my and Bryan's responsibility to look at our business and make good decisions on how we can build stability and build the best possible outcome for everybody,' he added. 'And after a lot of work, we came up that this is the right direction to go.' Portland and Oregon became symbolic of the decline of Democrat-run progressive cities in the wake of the COVID pandemic. The once stunning city on the Willamette River became a byword for homelessness, open-air drug use, far-left wing riots and lawmakers happy to turn a blind eye to urban decay. Businesses fled downtown Portland in droves amid plummeting quality of life, with the city enduring record murder rates in 2022. The city finally appears to have been shamed into taking action in recent months, with voters dumping progressive prosecutor Mike Schmidt and clearing homeless encampments from its downtown.
The Guardian
31 minutes ago
- The Guardian
‘My one special treat': Guardian Australia readers react to rising costs of cafe coffee
Whether it's a ritual or a mild addiction, coffee is a non-negotiable for some Australians. So when news broke that flat whites might cost $10 by the end of the year, it sent a chill down spines around the nation. Increased coffee bean prices and the overall cost of doing business are driving up the price of coffee everywhere. So, curious if price hikes would cause Australians to forgo their daily brew, we put a callout to readers. Analysing over 300 responses, it's clear buying a coffee means more to Guardian Australia readers than just the caffeine hit. While most said they still plan to buy takeaway coffee, for most it is no longer a daily purchase. 'Buying a proper coffee used to be an everyday thing for me,' wrote Nadia. 'A ritual I couldn't imagine not having. But since the cost-of-living crisis, it's no longer manageable.' Most readers have noticed an increase in takeaway coffee prices, ranging from 50c to $2. As a result, they said they have become pickier with how often they are buying out. Most are saving their cafe coffee for social situations, such as when working in the office or catching up with friends. 'Coffee is such a crucial part of Australian social life and culture. You often meet friends and acquaintances and even professional colleagues at cafes and it is hard to get out of buying a coffee during these meets,' wrote Sagar. Sign up for the fun stuff with our rundown of must-reads, pop culture and tips for the weekend, every Saturday morning Readers who aren't limiting their intake are budgeting accordingly. 'Coffee is my one special treat each day,' said Sloane. 'My coffee budget comes out of my 'fun spending' money.' She said she'd rather sacrifice a dinner out or a fashion item than go without coffee. Other readers said creeping prices are becoming harder to justify. An anonymous reader wrote: 'I do feel extremely guilty drinking my coffee. It is so expensive and getting more difficult to rationalise … I do not tell my colleagues that I buy a coffee daily.' Although many are feeling the burden of pricier takeaway coffees, readers remain faithful to their local cafes. 'Our closest cafe is an important establishment in the community,' wrote Anthony. Overwhelmingly, readers said they will continue to buy coffee from cafes if prices keep rising. Jacob, Anne and others point to the social aspect. 'It's not just about the coffee. It's a peaceful place – a little community. You can chat to people that you might not normally interact with,' wrote Jacob. Sign up to Saved for Later Catch up on the fun stuff with Guardian Australia's culture and lifestyle rundown of pop culture, trends and tips after newsletter promotion 'I will not be changing this [habit] even if the price doubles. In the local neighbourhood, a coffee is more than a cup of liquid. It is an interpersonal interaction,' said Anne. This resonatedwith readers who work from home or remotely. Peter wrote: 'More often than not, [it's] the only in-person interaction I'll have all day.' Many readers also stressed the importance of supporting their local cafes and were happy to pay more to do so: 'The best cafes are the ones that bring the community together, if those places go under due to financial stress … then the small financial loss I feel when I buy the coffee will be surpassed by the larger cost to the community and quality of the areas we live in,' wrote Anthony. Whether or not people continue to buy coffees out, around half of the readers who responded said they are making coffees at home more frequently. Many, such as Kiri, established a set-up during lockdown. 'Our coffee habits really changed through Covid and we started using our home espresso machine every day,' she wrote. 'Since then I haven't gone back to buying coffee on a daily basis.' Others have just established their home cafe, such as Danielle who no longer buys coffee out. 'I recently bought a home espresso machine. The machine will pay for itself in three weeks of no takeaway coffees.' These set-ups range from French presses and moka pots to espresso machines with plenty of add-ons, which Katie said was 'all quite normal for inner Melbourne'. Unfortunately more than half of readers could not name a place that offers a decent yet affordable coffee, with some turning to convenience store cups. 'If I really need one … the 7-11 stuff isn't bad!' wrote Erin. Office coffee machines were also another cost-effective option for some readers, though with less positive results. 'I now either bring my coffee from home or I use the instant sachet coffees at work,' wrote Rosa. 'They all taste worse and are more for need than enjoyment.' Others would rather opt out entirely. 'Bad-tasting coffee isn't worth it even if it's cheap,' wrote Andy. For most, it's either coffee or nothing. When asked if they were seeking out alternative drink options, readers responded with a resounding no. The mere suggestion was too much for Maria: 'Every time I drink tea I just think, 'I wish you were coffee.''
