Starbucks is preparing to sell a 60% stake in its Chinese division to Hong Kong-based Boyu Capital in a $4 billion deal as it continues its business transformation.

Starbucks first arrived in China, the world’s second-largest economy, to exceptional fanfare in 1999. The brand, a symbol of U.S. influence in the country, rapidly grew to the point where a new store was opening a new store every 15 hours, according to CNBC.

Starbucks will sell a majority stake in its $13 billion China business to Boyu Capital under a landmark joint venture.

Starbucks partners with Boyu Capital to regain momentum in China, selling a majority stake while aiming to expand its footprint amid growing competition.

Starbucks' decision on Monday to sell up to 60% of its China business to local private equity firm Boyu Capital could help the hard-pressed brand regain ground in one of the world’s fastest-growing coffee markets.

Foreign companies can no longer rely on brand prestige alone in sectors in which Chinese rivals undercut prices