Starbucks is reportedly looking to exit China, as its market share falls amid stiff competition from low-cost domestic rivals. Chinese financial media Caixin reported that the Seattle-based coffee chain has held talks with more than a dozen potential buyers, marking a shift from its earlier efforts to secure a strategic partner in China. This comes as local coffee chains like Luckin are aggressively chipping away at its share of the 22-billion dollar industry. CNA’s Tan Yew Guan explains the factors contributing to Starbucks’ decline in China.
