China’s coffee war has become the hottest showdown in global retail. What started out as an unlikely contest between Starbucks and a handful of local start-ups has now turned into a bitter feud. Facing homegrown rivals and eroding brand power, Starbucks has agreed to sell a majority stake in its China business to Boyu Capital, creating a $4bn joint venture. That marks a shift from dominance to survival.
中國的咖啡大戰已成全球零售業最炙手可熱的對決。最初只是星巴克與幾家本土初創公司的意外競爭，如今已演變為一場激烈的角逐。面對本土對手崛起與品牌號召力減弱，星巴克同意將其中國業務的控股權出售給博裕資本(Boyu Capital)，組建一家規模達40億美元的合資企業。這標志著星巴克在中國市場的角色，從主導者轉向求生者。
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