MILAN – Starbucks on Monday unveiled a strategic partnership with leading investment firm, Sequoia Capital China to tap into China’s growing technology landscape. Through the partnership, Starbucks will make strategic co-investments with Sequoia Capital China, and commercial partnerships with next-generation food and retail technology companies to propel Starbucks digital innovation in China.
The partnership marks Starbucks latest move in its long-term commitment to growing the coffee and retail industry in China, one of its two lead growth markets alongside the U.S.
“Starbucks has an insatiable appetite for innovative ideas that augment the Starbucks Experience and keep it at the forefront of China’s retail landscape,” said Belinda Wong, chairman and chief executive officer, Starbucks China.
“China’s vibrant environment is a rich ground for entrepreneurship that has seen the emergence of many local innovators that we hugely admire.
The partnership enables Starbucks to tap into the most dynamic Chinese technology entrepreneurs in order to delight our customers with meaningful innovations created in China, for China.”
The collaboration with Sequoia Capital China enables early access to ideas in the retail marketplace, creating opportunities for strategic investment to evolve Starbucks business in China.
Beyond the direct benefits from this collaboration, Starbucks also hopes to leverage its retail expertise, scale and infrastructure to help realize the growth aspirations of like-minded purpose-driven companies that have a passion for leading positive change for customers and communities.
