US coffee retailer Starbucks has said it has increased its stake in its joint ventures in Shanghai and Taiwan from 5% to 50%.
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Although the total acquisition price was not disclosed, Starbucks Coffee International paid Taiwan-based Uni-President Group US$21.3m to raise its stake in their Shanghai joint venture.
The joint venture has 30 stores in Shanghai, while in Taiwan the venture has 109 outlets.
“Increasing equity positions in the Taiwan and Shanghai units is an extension of Starbucks Coffee’s global development strategy,” Pedro Man, president of Starbucks Coffee Asia Pacific, was quoted by the Associated Press as saying.
“We’re optimistic about the long-term development in the Greater China region,” he added.
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