咱别以为这是外资要跑路，说白了，这是中国消费市场早就换了玩法，洋牌子不跟着变，就得被淘汰！ 大家好，我是老陈瞰世界。 最近刷到星巴克、汉堡王这些洋牌子的操作，是不是觉得有点懵？星巴克豪掷 40 亿，把中国区 60% 的股份卖给了博裕资本。 汉堡王更干脆，直接甩卖 83% 股权，换来了 25 亿投资。其实这事儿早有先例，2016 年百胜就把肯德基、必胜客的中国业务转给了春华资本。 说真的，洋牌子早年在中国那可是躺着赚钱的主儿。1987 年肯德基在北京前门开店，那场面热闹得吓人，400 多人排着 2 小时的长队等位，7.3 元一个的汉 堡。 放在当时相当于普通家庭 3 天的伙食费，吃完剩下的纸盒，孩子们都当宝贝似的珍藏起来。 1999 年星巴克进驻北京国贸，墨绿色的门店、原木桌椅，再配上爵士乐，直接成了都市白领的 "装逼圣地"，说句实在的，它卖的哪儿是咖啡啊，分明是那 份 "高人一等" 的逼格。 外资 "卖身" 不是撤退是自救 那时候洋牌子能躺赢，全靠三个硬条件：一是大家想要的多、能买到的少，市场红利一抓一个准。 二是政策给劲儿，外资企业所得税才 15%，还能享受 "两免三减半"，比本土企业 33% 的税率划算太 ...

格隆汇11月21日｜星巴克工人联合会周四表示，将增加二十多个罢工城市和多间门市，罢工总数增至涵 盖65个城市的95间门店，约有2000名咖啡师参与。工会表示，由于人手不足，多数参与罢工的门市在罢 工首日被迫关闭，随后数日，约有50间门市也受到人手短缺影响。星巴克则表示，受影响的门市通常能 够迅速恢复营业，只有不到1%的门市受到罢工影响。 ...

Core Viewpoint - Starbucks is facing a lawsuit alleging that it concealed declining sales in its largest markets, the U.S. and China, misleading shareholders and causing a 16% drop in its stock price following the disclosure of unexpected weakness in its performance [1] Group 1 - A Seattle judge ruled that shareholders can attempt to prove that Starbucks misled them about the success of its "restructuring plan" during a January 2024 analyst call [1] - The restructuring plan included claims about equipment upgrades, staffing, and scheduling aimed at creating a "better experience" for employees, which was expected to increase customer spending and loyalty [1]

餐企争相抢占市场 银发老人成了"香饽饽" 如今的餐饮市场，正在被银发一族"攻占"。 以火锅巨头海底捞为例，以往海底捞的消费群体多以年轻人为主，如今却开始出现越来越多老年消费者的身影。他们不再只是跟随子女前来，而是约上三 五老友，品尝着菌汤、番茄火锅，谈笑风生。餐后，不少中老年女性顾客还会饶有兴致地体验美甲和手部护理服务。 在这一现象的背后，是海底捞持续升级的适老化服务体系。 ◎图源：小红书 在刚刚过去的重阳节，各地海底捞推出了一系列敬老活动。例如，西安海底捞设置"丢掉烦恼"沙包投掷游戏，老人只需将"皱纹""白头发"等代表烦恼的字 样写在沙包上，再投掷到树洞内，即可获得鸡蛋、小米等奖品；郑州海底捞上线"缤纷小食铺子"活动，工作日上午9点到下午5点，每桌消费69元后支付 9.9元，即可畅享各类点心小吃。 事实上，海底捞的敬老服务不只局限在特定节日节点，除了日常关注老年顾客的口味偏好与忌口情况、主动为老人聚会安排表演助兴，海底捞还在每年敬 老月（10-11月）期间，推出一系列老年人专属折扣。今年9月，海底捞还开出了全国首家社区店，聚焦"一老一小"消费群体，提供分时段优惠和适老化服 务。 不只是海底捞，近年来，越来越 ...

Core Viewpoint - Starbucks has agreed to sell the majority stake of its China business to private equity firm Boyu Capital, which is considering bringing in Tencent, GIC, and other potential investors as limited partners for the acquisition [1] Group 1: Transaction Details - Boyu Capital has agreed to acquire up to 60% of Starbucks' China business, with an enterprise value of approximately $4 billion, structured as a cashless and debt-free transaction [1] - Negotiations are still ongoing, and there is no guarantee that a final agreement will be reached [1] Group 2: Growth Strategy - Boyu Capital plans to drive growth by expanding Starbucks' presence in smaller cities [1] - The firm also intends to open more stores in high-traffic locations such as tourist attractions, subway stations, and airports [1]

面对本土竞争对手的激烈角逐，星巴克成为又一家借助本地合作伙伴提振中国业务的外资零售企业。上 周，餐饮品牌国际(QSR.US)刚与资产管理机构CPE达成协议，出售其旗下汉堡王中国业务的控股权。 自1999年进入中国市场以来，星巴克已开设约8000家门店，并计划将规模扩大至20000家。其中国区总 部设于上海。 另据知情人士透露，博裕资本正与多家银行洽谈一笔约14亿美元的贷款，以支持此次中国业务收购交 易。星巴克中国零售业务的估值约为40亿美元。 星巴克与博裕资本的合资协议预计将于明年第二季度最终敲定。 据知情人士透露，博裕资本正考虑引入腾讯(00700)、新加坡政府投资公司(GIC)及潜在其他机构作为有 限合伙人，共同收购星巴克(SBUX.US)中国业务的股权。 该知情人士表示，这家私募股权公司已同意收购该业务最多60%的股权，并计划通过在三四线城市拓展 门店网络推动其全球第二大市场的增长。此外，博裕资本还计划在客流密集的旅游景点、地铁站和机场 增设门店。 由于相关信息尚未公开，这些不愿具名的知情人士称，目前相关磋商仍在进行中，最终可能无法达成协 议。 博裕资本暂未回应置评请求。星巴克、GIC及腾讯的代表均拒绝 ...

智通财经APP获悉，据知情人士透露，博裕资本正考虑引入腾讯(00700)、新加坡政府投资公司(GIC)及 潜在其他机构作为有限合伙人，共同收购星巴克(SBUX.US)中国业务的股权。 该知情人士表示，这家私募股权公司已同意收购该业务最多60%的股权，并计划通过在三四线城市拓展 门店网络推动其全球第二大市场的增长。此外，博裕资本还计划在客流密集的旅游景点、地铁站和机场 增设门店。 面对本土竞争对手的激烈角逐，星巴克成为又一家借助本地合作伙伴提振中国业务的外资零售企业。上 周，餐饮品牌国际(QSR.US)刚与资产管理机构CPE达成协议，出售其旗下汉堡王中国业务的控股权。 由于相关信息尚未公开，这些不愿具名的知情人士称，目前相关磋商仍在进行中，最终可能无法达成协 议。 博裕资本暂未回应置评请求。星巴克、GIC及腾讯的代表均拒绝置评。 另据知情人士透露，博裕资本正与多家银行洽谈一笔约14亿美元的贷款，以支持此次中国业务收购交 易。星巴克中国零售业务的估值约为40亿美元。 自1999年进入中国市场以来，星巴克已开设约8000家门店，并计划将规模扩大至20000家。其中国区总 部设于上海。 星巴克与博裕资本的合资协议预计 ...

Core Viewpoint - Over 1,000 Starbucks union baristas in more than 40 U.S. cities initiated an indefinite strike demanding collective bargaining agreements regarding wages and benefits [1][2]. Group 1: Strike Details - The strike began at 65 stores and aims to be the largest and longest in Starbucks' history, coinciding with the busy "Red Cup Day" promotional event [2]. - Starbucks spokesperson reported minimal impact from the strike, with less than 1% of stores affected [2]. - Participating cities include Seattle, New York, Philadelphia, Dallas, Austin, and Portland, with some stores closing early [2]. Group 2: Union's Demands - The union has three core demands: 1. Improve work hours to increase staffing levels, addressing widespread understaffing that leads to longer wait times for customers [2]. 2. Raise wages, as many baristas struggle to make ends meet while executives earn millions; starting pay in about 33 states is $15.25 per hour [2]. 3. Resolve hundreds of unresolved labor practice violations, claiming Starbucks has violated labor laws more than any other employer in modern history [2]. Group 3: Company Response - Starbucks expressed disappointment that a union representing only about 4% of employees voted to authorize the strike instead of returning to negotiations [3]. - The company claims to offer competitive positions with an average hourly wage and benefits exceeding $30 [3]. - The strike occurs amid Starbucks' cost control measures, including plans to close hundreds of stores and lay off approximately 900 employees [3].

Core Viewpoint - There is a noticeable trend of foreign restaurant brands selling their operations in China, indicating a shift in market dynamics and strategies for foreign companies in the Chinese market [3][15]. Group 1: Strategic Partnerships and Sales - Starbucks has entered a strategic partnership with Boyu Capital to form a joint venture for its retail operations in China, with Boyu holding up to 60% and Starbucks retaining 40% [3]. - CPE Yuanfeng has also formed a strategic partnership with Burger King, acquiring approximately 83% of the joint venture, while RBI retains about 17% [3]. - Earlier, CITIC Capital acquired a significant stake in McDonald's China, becoming its second-largest shareholder [4]. Group 2: Market Characteristics - The Chinese restaurant market is characterized by its large scale, with projected revenues exceeding 5.5 trillion yuan in 2024, reflecting a year-on-year growth of 5.3%, outpacing the retail sector's growth [7]. - The market's extensive supply chain allows local brands to have a cost advantage, as seen with Kudi's self-sourcing of most raw materials [8]. - Local brands are increasingly adopting differentiated strategies, with Luckin Coffee's innovative model contributing to its success [9]. Group 3: Competitive Landscape - Local brands like Luckin Coffee and Kudi are gaining market share due to their lower pricing strategies, with Luckin's average transaction value at 14.28 yuan compared to Starbucks' 35.86 yuan [11]. - In Q2, Luckin's revenue grew by 47.1% to 12.36 billion yuan, while Starbucks' revenue increased by only 8% to approximately 56.26 billion yuan [12]. - Starbucks has historically not viewed Luckin as a direct competitor due to its strong brand presence and customer experience [13]. Group 4: Operational Challenges - Starbucks faces challenges with declining average transaction values and rising rental costs, indicating a shift in its operational model may be necessary [14][15]. - The company has been granting more autonomy to its Chinese team, leading to a 6% revenue increase in its latest fiscal quarter [18]. - Starbucks anticipates its retail business in China to be valued at over $13 billion, with a significant portion of this value derived from the partnership with Boyu [20]. Group 5: Future Outlook - The future of foreign brands in China may involve partnerships with local entities to navigate the changing market landscape [20]. - Starbucks plans to expand its store count to 20,000, which poses challenges in terms of pricing and operational adjustments [20].

Core Insights - The article discusses a significant shift in the Chinese fast food and coffee market, where Chinese capital is increasingly taking over the operations of Western brands like McDonald's, Starbucks, and Burger King [1][3] Group 1: Case Studies of Ownership Changes - Starbucks has announced the sale of up to 60% of its Chinese retail business to Chinese fund Boyu Capital for a valuation of $4 billion, transitioning to a mixed model of "Chinese-led + foreign authorization" [4] - Burger King has formed a joint venture with CPE Yuanfeng, where Chinese investors hold 83% of the shares, marking the beginning of a "Chinese full control era" for Burger King in China [5][6] - McDonald's has been primarily operated by Chinese capital since 2017, with Citic Group and Carlyle acquiring significant stakes, further solidifying its status as a "Chinese-operated, foreign-authorized brand" [7] Group 2: Reasons for Foreign Brands to Hand Over Control - The intense competition in the fast food and coffee market necessitates deep localization, prompting international brands to leverage local capital and teams for growth [8] - Economic slowdown and rising operational costs make it more challenging for foreign brands to expand in China, leading them to sell stakes to Chinese investors as a more stable strategy [9] - Selling parts of their Chinese operations allows multinational companies to generate cash flow and focus on core markets or digital transformation [10] - Chinese capital is actively seeking quality assets, with the restaurant chain model fitting well into their long-term investment strategies [12] Group 3: Implications of Chinese Takeover - The pace of store expansion is expected to increase, particularly in lower-tier cities, as Chinese investors are more willing to invest and understand these markets better [13] - There will be stronger localization in menus and operations, with Chinese teams innovating to enhance the local appeal of these foreign brands [14] - The integration of local suppliers into the supply chain will be enhanced, promoting the growth and standardization of local supply chains [15] - The brand identity may experience subtle changes as foreign brands balance their global image with the aggressive expansion strategies of local capital [16] Group 4: Emerging New Landscape - The shift from foreign brands operating independently to a model of "foreign authorization + Chinese ownership + local operational drive" reflects a new dynamic in the market [17] - This transition allows multinational brands to reduce risks and stabilize profits while increasing the influence of Chinese capital in the global brand landscape [18] Group 5: Underlying Logic of Capital Flow - The movement of capital, whether from foreign brands seeking to reduce burdens or Chinese firms looking to expand, indicates a long-term optimism about the Chinese consumer market [19] - Despite short-term fluctuations, the logic of urbanization, lifestyle changes, and consumption upgrades positions China as one of the largest and most complex fast food markets globally [20] - The trend of "Chinese capital intensively taking over foreign fast food" signifies a natural progression from an "foreign era" to a "joint venture era" and potentially a "Chinese era" in the market [21]