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The coffee chain said that in addition to the co-investments, it would seek to form “business partnerships with next-generation food technology and retail companies.”
“The partnership allows Starbucks to tap into the most dynamic Chinese tech entrepreneurs to delight our customers with meaningful innovations created in China, for China,” said Belinda Wong, CEO of Starbucks China in a press release.
Starbucks will be able to quickly access “ideas in the retail market, creating strategic investment opportunities,” the company said. The companies he invests in will be able to take advantage of Starbucks’ retail expertise, scale and infrastructure, he added.
The latest push from Starbucks aims to strengthen the digital side of its business in China, one of its largest markets.
In 2018, Starbucks partnered with e-commerce giant Alibaba to begin delivery of its products.
The company said it would “explore the possibilities of integrating digital technologies into all dimensions of its retail business” and use the data to help decision-making. Starbucks will also examine technologies that could help it manage its growing retail operations in China and optimize its supply chain and inventory management.