Goubuli in talks to buy US coffee chain
Print Edition
Goubuli, a renowned Chinese food brand known for its steamed stuffed buns, said yesterday that 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 US 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.
“Goubuli is one of the most famed and oldest Chinese dining brands,” he said. Although Chinese food is popular worldwide, it is generally considered low-end fare, he said.
Goubuli, set up in 1858 and based in Tianjin, has gained momentum in its expansion overseas in recent years.
It partnered Singapore-based food maker Tee Yih Jia in October to sell Goubuli products in over 50 cities in the Asia-Pacific market.
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