Core Viewpoint - Starbucks has entered a strategic partnership with Boyu Capital to establish a joint venture for retail operations in China, aiming to expand its market presence significantly. Group 1: Joint Venture Details - The joint venture will see Boyu Capital holding up to 60% equity, while Starbucks retains 40% and continues to own and license its brand and intellectual property [5][6] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks estimating its total retail business value in China to exceed $13 billion [5][6] - The new joint venture will be headquartered in Shanghai and manage around 8,000 existing Starbucks stores in China, with plans to expand to 20,000 stores in the future [6] Group 2: Strategic Intent and Market Insights - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' growth in China, particularly in smaller cities and emerging regions [6] - Boyu Capital's partner, Huang Yuzheng, highlighted the opportunity to innovate and localize the Starbucks experience for Chinese consumers, leveraging the brand's strong market presence [6] - Starbucks' China CEO, Liu Wenjuan, stated that this partnership will unlock significant market potential and enhance the coffee experience for Chinese customers [6] Group 3: North America Operations - In contrast, Starbucks plans to close about 1% of its stores in the U.S. and Canada, reducing the total number to approximately 18,300 by the end of the fiscal year [7][8] - The closures are part of a new strategic plan aimed at revitalizing performance, as sales have declined for six consecutive quarters [8] - The closures will primarily affect stores that only offer takeout, as the company shifts focus towards providing a comfortable dine-in experience [8]

Core Viewpoint - Starbucks has finalized a strategic partnership with Chinese alternative asset management firm Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][3][4]. Group 1: Joint Venture Details - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores across China, with plans to expand to 20,000 stores in the future [3]. - The deal values Starbucks' retail business in China at over $13 billion, which includes the equity transferred to Boyu, the retained equity value, and future royalty income [1][4]. - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [3]. Group 2: Financial Performance - For the fiscal year ending September 28, 2025, Starbucks China reported a revenue increase of 6% to $831.6 million, with a total annual revenue growth of 5% to $3.105 billion [6]. - The operating profit margin for Starbucks China has remained in double digits, with profits and margins improving for four consecutive quarters [6]. - Same-store sales in China grew by 2%, with transaction volume increasing by 9%, although the average ticket price declined by 7% [9]. Group 3: Market Position and Competition - Starbucks faces increasing competition from local brands like Luckin Coffee, which reported a 47.1% revenue growth in Q2, significantly outpacing Starbucks [11]. - Luckin Coffee has expanded its store count to 26,206, creating a substantial gap in market presence compared to Starbucks [12]. - The competitive landscape indicates that Starbucks is losing its previous dominant position in the Chinese market, necessitating a shift towards localization and partnership with local firms [11][13]. Group 4: Strategic Changes - Starbucks is implementing price adjustments and promotional activities to drive sales, including a price reduction on key products [7][8]. - The company is also enhancing its delivery services, which have seen record sales, contributing to overall revenue growth [8]. - The shift towards a more localized operational approach is seen as essential for Starbucks to maintain its brand identity while adapting to the Chinese market [10][13].

此次战略合作开启了星巴克深耕中国市场 26年 后的全新篇章。星巴克享誉全球的品牌影响力、 咖啡专业优势和以人为本的独特伙伴文化,与博 裕对中国消费者的深度理解相结合,双方将携手 共同提升星巴克在中国市场的顾客体验,加速饮 据星巴克披露，新成立的合资企业将继续以上海为总部，管理并运营目前遍布中国市场的8000家星巴克 门店。秉持共同的发展愿景，双方将致力于未来将星巴克在中国的门店规模逐步拓展至20000家。（21 世纪经济报道） 星巴克预计其中国零售业务的总价值将超过 130 亿美元,总价值由三部分构成:向博裕出让合 资企业控股权益所得、星巴克在合资企业中保留 的权益价值,以及未来十年或更长时间内持续支 付给星巴克的授权经营收益。 根据协议，博裕将持有合资企业至多60%股权，星巴克保留40%股权，并将继续作为星巴克品牌与知识 产权的所有者和授权方，向新成立的合资企业进行授权。基于约40亿美元（不计现金与债务）的企业价 值，博裕将获得其相应权益。 星巴克预计其中国零售业务的总价值将超过130亿美元，总价值由三部分构成：向博裕出让合资企业控 股权益所得、星巴克在合资企业中保留的权益价值，以及未来十年或更长时间内持续 ...

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, marking a significant shift in its business model in the country after 26 years [1][30] - The total value of Starbucks' retail business in China is projected to exceed $13 billion, equivalent to approximately 92.5 billion RMB [1][4] - The partnership aims to accelerate product and digital innovation, expand into new cities and regions, and deepen emotional connections with customers through localized integration [1][30] Transaction Structure - Boyu Capital will hold up to 60% of the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [4] - The joint venture is based on an enterprise value of approximately $4 billion, excluding cash and debt, with Starbucks expecting the total value of its Chinese retail business to exceed $13 billion [4][25] - The goal is to expand Starbucks' store count in China to 20,000, up from around 8,000 currently, although no specific timeline has been provided [4][29] Market Context - The partnership comes amid increasing competition in China's coffee market, with local brands like Luckin Coffee gaining market share through competitive pricing and innovative offerings [24] - Starbucks has faced pressure to adapt to changing consumer preferences and the rapid growth of the coffee culture in China, prompting the exploration of strategic partnerships [24][30] - The collaboration with Boyu Capital is seen as a way to leverage local market expertise to enhance Starbucks' growth potential in China [6][30] Historical Background - Starbucks entered the Chinese market in 1999 and initially operated through a franchise model due to foreign investment restrictions, transitioning to a wholly-owned model by 2017 [17][19] - The company has played a significant role in educating the Chinese market about fresh coffee and establishing a high-end coffee brand image [17][19] - Starbucks has invested in local initiatives, including a coffee farmer support center in Yunnan, to enhance its supply chain and community engagement [19][21] Leadership and Future Outlook - Brian Niccol, CEO of Starbucks, emphasized the importance of maintaining a strong brand presence in China and the potential for significant growth in the number of stores [25][27] - The new CEO of Starbucks China, Molly Liu, is focused on driving business recovery and innovation in product offerings and customer service [29] - The partnership with Boyu Capital is expected to open a new chapter for Starbucks in China, reinforcing its commitment to the market [1][30]

星巴克出售中国业务敲定买家。 11月4日，智通财经获悉，星巴克咖啡公司宣布与另类资产管理公司博裕投资达成战略合作，双方将成立合资企业，共 同运营星巴克在中国市场的零售业务。 截至2025财年底，星巴克中国门店数达8011家，共进入1091个县级市场。其中，2025财年第四季度新开门店83家，新进 入47个县级市场；2025财年全年新开门店达415家。 对上述交易，星巴克董事长兼CEO倪睿安（Brian Niccol）表示："博裕在本地市场的经验与专长，将有力加速星巴克在 中国市场、特别是中小城市及新兴区域的拓展。" 博裕投资合伙人黄宇铮则称，26年来，星巴克在中国成功塑造了标杆性的高端品牌形象，"我们既认同这一品牌的持久 生命力，也看到了为中国顾客带来更创新、更本土化体验的巨大机遇。" 据星巴克10月30日发布的最新财报，2025财年第四季度总净收入为95.69亿美元，同比增长5.5%，高于市场预期；实现 营业利润2.78亿美元，同比下滑78.7%；实现归母净利润为1.33亿美元，同比下滑85.4%。 在当天的业绩交流会上，倪睿安曾表示："我们收到了来自多个高质量合作伙伴的浓厚兴趣，他们都看到了星巴克品牌 和 ...

Core Insights - Starbucks has announced a strategic partnership with alternative asset management firm Boyu Capital to establish a joint venture for operating its retail business in China [1] - Boyu will hold up to 60% equity in the joint venture, while Starbucks retains 40% equity and continues to own and license its brand and intellectual property [1] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks expecting the total value of its retail business in China to exceed $13 billion [1] Summary by Sections - **Joint Venture Structure** - The new joint venture will be headquartered in Shanghai and manage the existing 8,000 Starbucks stores across China [1] - The partnership aims to expand the number of Starbucks locations in China to 20,000 in the future [1] - **Strategic Goals** - Starbucks CEO Laxman Narasimhan emphasized that Boyu's local market expertise will accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [1] - The collaboration is focused on creating an exceptional partner experience and world-class customer service [1]

Core Insights - Starbucks has announced a strategic partnership with Chinese alternative asset management firm Boyu Capital to establish a joint venture for operating its retail business in China [1] - Boyu will hold up to 60% equity in the joint venture, while Starbucks retains 40% equity and continues to own and license the Starbucks brand and intellectual property [1] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Boyu acquiring corresponding equity [1] Summary by Sections - **Joint Venture Structure** - The new joint venture will be headquartered in Shanghai and will manage the existing 8,000 Starbucks stores across China [1] - The partnership aims to expand the number of Starbucks locations in China to 20,000 in the future [1] - **Valuation and Financial Implications** - Starbucks estimates the total value of its retail business in China to exceed $13 billion, which includes the value from the equity transferred to Boyu, the retained equity value, and ongoing licensing revenue over the next decade or longer [1]

Core Viewpoint - Starbucks is selling a majority stake of its China business for $4 billion to private equity firm Boyu Capital to accelerate the growth of its local coffee shop operations [1] Group 1: Transaction Details - Boyu Capital will acquire up to 60% of Starbucks' retail business in China through the establishment of a joint venture [1] - Starbucks will retain a 40% stake and continue to license its brand and intellectual property to the joint venture [1] Group 2: Valuation Insights - The total valuation of Starbucks' retail business in China is expected to exceed $13 billion [1]

根据其网站信息，博裕成立于 2011 年，总部位于开曼群岛，投资领域包括私募股权、公开股票、不动 产及基础设施。该公司还拥有一个风险投资和可再生能源投资平台。其私募股权业务投资的覆盖领域包 括科技、消费与零售以及医疗保健。 智通财经APP获悉，全球咖啡饮品巨头星巴克(SBUX.US)同意将其中国业务的控股权以40亿美元的价值 出售给私募股权公司博裕资本(Boyu Capital)，以全面改善这家全球最大规模咖啡连锁品牌在中国市场的 前景。 双方在一份声明中表示，通过与星巴克新组建的一家合资企业，博裕资本将持有星巴克在中国市场零售 业务最多60%的权益。星巴克将持有剩余 40% 的权益，并将继续向该合资企业许可星巴克品牌以及知 识产权。 这项重磅协议标志着星巴克为其在中国市场的下一章节寻找合作伙伴的艰难过程宣告结束。星巴克自 1999年在北京开出第一家实体门店以来，目前在中国拥有约8000家门店。然而，近年来星巴克在中国市 场举步维艰，与众多在华的西方大型公司一样，面临经营困境。 总部位于厦门的瑞幸咖啡(Luckin Coffee Inc.)两年前通过以星巴克三分之一的价格出售咖啡饮品，将星 巴克从"中国最大规 ...

Core Insights - Starbucks has announced the sale of majority control of its China business to Hong Kong private equity firm Boyu Capital for $4 billion, marking a significant strategic shift in its operations in the world's second-largest market [1] - Boyu Capital will hold up to 60% of the equity in Starbucks' 8,000 stores in China, while Starbucks retains 40% and continues to own the brand [1] - The total value of Starbucks' retail business in China exceeds $13 billion, with the deal including the value of the equity sold, retained interests, and future licensing fees [1] Group 1 - The transaction is part of Starbucks' strategy to expand its presence in China, with plans to grow to as many as 20,000 stores, surpassing its current number of stores in North America [1] - CEO Brian Niccol emphasized that Boyu Capital's local expertise will accelerate growth in China, particularly in smaller cities and new regions [1]