Starbucks' new move is aimed at boosting the digital part of its business in China, one of its key markets. Starbucks has collaborated with the venture capital firm Sequoia Capital China to co-invest in development firms in the second largest economy in the world.
According to Belinda Wong, chairman and chief executive officer at Starbucks China, The partnership enables Starbucks to tap into the most dynamic Chinese technology entrepreneurs in order to delight their customers with meaningful innovations created in China, for China,.
Starbucks will be able to get early exposure to "ideas in the retail industry, providing innovative investment opportunities," the company said. Enterprises in which it invests will exploit Starbucks' marketing experience, size and infrastructure.
Starbucks' latest push seeks to improve the digital dimension of its business in China, one of the most important markets. Starbucks entered into a deal with e-commerce company Alibaba in 2018 to launch delivery of their goods.
According to the company, it will "explore possibilities for embedding emerging technology in all aspects of its retail market," and using data to assist in making decisions. Starbucks will also look at technology that could better handle its growing Chinese retail operations and improve its supply chain and inventory management.