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' 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