China's Goubuli to buy U.S. coffee chain
Goubuli, a renowned Chinese food brand known for its steamed stuffed buns, announced on Wednesday it…Goubuli, a renowned Chinese food brand known for its steamed stuffed buns, announced on Wednesday it expects to buy a well-known American coffee chain in the first half of this year.
Goubuli did not reveal the name of the American coffee chain.
"The negotiation has entered the final stage," said Zhang Yansen, Goubuli board chairman. "It's not convenient for us to disclose the details."
But he did say that the coffee chain currently runs hundreds of shops in more than 40 countries and regions in Europe, the United States and southeast Asia.
Goubuli can use the coffee chain's business network to promote high-quality Chinese cuisine to the overseas market, according to Zhang.
Although Chinese food is popular worldwide, it is generally considered low-end fare, he said.
"Goubuli is one of the most famed and oldest Chinese dining brands," he added. "The status of Chinese food overseas makes me embarrassed."
Goubuli, established in 1858 and headquartered in the northern port city of Tianjin, has gained momentum in its expansion overseas in recent years.
It forged a partnership with Singapore-based food manufacturer Tee Yih Jia in October 2013 to sell Goubuli products in over 50 cities in the Asia Pacific market.
