(Yicai) Nov. 22 -- Starbucks has confirmed that the US coffee chain behemoth is actively exploring approaches such as tie-ups to expand its business in China, after Bloomberg said the firm is looking at options, including a possible stake sale.

Starbucks is fully committed to the long-term development of its business in the Chinese market, a spokesperson told Yicai yesterday.

Citing people with knowledge of the matter, Bloomberg reported earlier that day that Starbucks has been speaking with advisors about ways to grow in the market, potentially by introducing a local partner, and has informally gauged interest from possible investors, including domestic private equity firms.

During an earnings conference call last month, Starbucks reiterated its ongoing efforts to better understand its operations and the competitive environment in China, adding that the Seattle-based firm is taking time to explore the best paths for growth, which could include strategic partnerships.

“We need to fundamentally change our strategy so we can get back to growth, and that's exactly what we are doing with our 'Back to Starbucks' plan,” Brian Niccol, who became chairman and chief executive on Sept. 9, said on the call.

In the fiscal fourth-quarter ended Sept. 29, Starbucks' same-store sales tumbled 14 percent in China, mainly because of "intensified competition and a soft macro environment that impacted consumer spending," the company said.

The chain plans to expand in places other than China’s big cities, opening half of its new coffee shops in counties in fiscal 2024. It added a net 290 in the September quarter gone, entering 78 county-level markets. Starbucks China has a total of 7,596 outlets in nearly 1,000 counties.

Editor: Futura Costaglione