Starbucks partners Sequoia to invest in tech sector
American multinational chain of coffeehouses Starbucks Corporation said on Monday it entered a strategic partnership with investment firm Sequoia Capital China with which it plans to make different investments in the country’s tech sector.
The company stated it hopes this collaboration will add opportunities for it to grow its business in China with both companies being able to focus on new ideas in the retail marketplace.
Earlier this month, the company noted it expects its adjusted earnings per share (EPS) to drop by nearly 50 percent in the second quarter amid the reduction in sales during the COVID-19 outbreak.
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