Starbucks Coffee Company has announced the signing of a contractual agreement with Maxim’s Caterers Ltd., its long-time joint-venture partner in South China, including Hong Kong and Macau. Starbucks has assumed 100 percent equity of its business in the China provinces of Guangdong, Hainan, Sichuan, Shaanxi and Hubei, and the municipality of Chongqing. As a result, Starbucks now has full control of more than half of its retail stores in Mainland China as it looks to accelerate future growth.
Also as part of the agreement, Maxim’s has acquired Starbucks' remaining equity stake in the Hong Kong and Macau markets, assuming 100 percent equity of those markets.
“Full ownership of our stores in Central, South and Western China is part of our broader strategy to build China as our second home market outside of the U.S. and allows us to accelerate growth as we look to achieve our goal of having 1,500 stores across the country by 2015,” said John Culver, president, Starbucks Coffee International. “In addition, this agreement demonstrates our commitment to our 11-year partnership with Maxim’s. We are confident they will continue to maximize the growth of the Starbucks brand in the Hong Kong and Macau markets, delivering an unparalleled Starbucks Experience to our customers.”
The partnership between Starbucks and Maxim’s started more than 11 years ago in Hong Kong, with the opening of the first Starbucks store in Hong Kong’s Exchange Square. Today, there are more than 110 Starbucks stores in Hong Kong and Macau, employing more than 1,300 partners in both markets.
Founded in 1956, Hong Kong Maxim’s Group has grown into the largest catering company in Hong Kong, operating 650 outlets.
