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：向博裕投资出让合资企 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。 星巴克咖啡公司董事长兼首席执行官倪睿安（Brian Niccol）认为，博裕投资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。中经记者 黎竹 孙吉正 北京报 道 据悉，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。 【星巴克中国60%股权售出 新主曾拿下SKP部分股权】11月4日，星巴克咖啡公司宣布与中国领先的另 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。 博裕投资曾投资过SHEIN，布局涉及消费零售、科技创新、医疗健康及新能源领域内的企业。4月30 日，北京市市场监督管理局公示信息显示，博裕五期美元基金有限责任公司通过其关联方拟收购北京 SKP部分股权，交易完成后，博裕基金将间接持有北京SKP ...

Core Insights - Starbucks has announced a strategic partnership with 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][2] - The partnership aims to leverage Boyu's local market expertise to accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [1][3] - Starbucks' total retail business value in China is projected to exceed $13 billion, comprising the equity transferred to Boyu, retained equity, and ongoing licensing revenue [1][4] Group 1: Partnership Details - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores in China, with plans to expand to 20,000 stores in the future [1][3] - Starbucks has been exploring strategic partnerships for over a year to enhance its competitive position and drive growth in the challenging Chinese market [2][3] Group 2: Market Context - In 2023, Luckin Coffee surpassed Starbucks in annual sales in China, highlighting the intense competition in the market [2] - Starbucks' CEO emphasized the need to understand the competitive landscape better and explore partnerships to ensure long-term success in China [2][3] Group 3: Financial Performance - For the fourth quarter of fiscal year 2025, Starbucks reported revenue of $9.6 billion, a 5% increase year-over-year, with same-store sales growth of 1% [3][4] - Starbucks China achieved revenue of $831.6 million in the fourth quarter, a 6% year-over-year increase, marking four consecutive quarters of growth [4] Group 4: Boyu Capital Overview - Boyu Capital, founded in 2011, is a leading alternative asset management firm with a diversified investment portfolio across private equity, public markets, infrastructure, and venture capital [5][6] - The firm has a history of successful investments in emerging technology and consumer sectors, including notable companies like Alibaba and NIO [5][6]

Core Insights - Starbucks has announced a joint venture with Boyu Capital to operate its retail business in China, marking a significant step in its growth strategy in one of its most important markets [2][5] - Boyu will hold up to a 60% interest in the joint venture, while Starbucks retains a 40% interest and continues to own the brand and intellectual property [3][8] - The total value of Starbucks' retail business in China is expected to exceed $13 billion, derived from the sale of the controlling interest, the retained interest value, and ongoing licensing revenues [4][8] Joint Venture Details - The joint venture will be headquartered in Shanghai and aims to expand from the current 8,000 Starbucks locations to as many as 20,000 [6] - The partnership combines Starbucks' global brand and expertise with Boyu's local market knowledge to enhance customer experience and drive innovation [5][7] Financial Performance - For the quarter ended September 28, 2025, Starbucks reported net revenues of $831.6 million, a 6% increase from the previous year [9] - Comparable store sales increased by 2%, with a 9% rise in transactions, although the average ticket size decreased by 7% [9]

根据协议，博裕投资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，博裕投资将获得其相应权益。 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：向博裕投资出让合资企 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。 据悉，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。 博裕投资曾投资过SHEIN，布局涉及消费零售、科技创新、医疗健康及新能源领域内的企业。4月30 日，北京市市场监督管理局公示信息显示，博裕五期美元基金有限责任公司通过其关联方拟收购北京 SKP部分股权，交易完成后，博裕基金将间接持有北京SKP 42%～45%的股权。 星巴克咖啡公司董事长兼首席执行官倪睿安（Brian Niccol）认为，博裕投资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 ...

Core Insights - Starbucks has established a strategic partnership with Boyu Capital to form a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [2][3] - The total value of Starbucks' retail business in China is expected to exceed $13 billion, comprising the equity transferred to Boyu, Starbucks' retained equity, and ongoing licensing revenue [2] - The joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 [2] Company Overview - Starbucks' CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [3] - Boyu Capital, founded by former executives from Ping An Group and TPG Capital, has a strong presence in the Chinese market and manages a portfolio of over 200 companies [4] - Boyu has been involved in significant investments in various sectors, including consumer goods and retail, showcasing its capability in large-scale acquisitions [6] Market Context - Starbucks reported a net income of 22 billion RMB in the Chinese market for the fiscal year 2025, reflecting a nearly 5% growth, with same-store sales increasing by 2% and transaction volume by 9% in Q4 [7] - The partnership aligns with Starbucks' strategy to enhance localization and adapt to the competitive coffee market in China [8] - Historical precedents from McDonald's and Yum China indicate that local partnerships can significantly accelerate store expansion in the Chinese market [9][10]

Core Insights - Starbucks has announced a strategic partnership with 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] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, and Starbucks expects the total value of its retail business in China to exceed $13 billion [1] - The joint venture aims to expand Starbucks' store count in China from 8,000 to 20,000 in the future [1] Company Strategy - The joint venture will be headquartered in Shanghai and will manage the existing Starbucks stores across China [1] - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [1] - The partnership aims to enhance customer experience and employee engagement while driving growth in the Chinese market [1] Market Potential - Boyu Capital recognizes the strong brand image Starbucks has built over 26 years in China and sees opportunities for more innovative and localized experiences for Chinese consumers [1] - Starbucks' current healthy growth momentum in China is expected to be further enhanced by this collaboration, which will also create broader career development opportunities for its employees [1] - The partnership reflects Starbucks' commitment to a new phase of development in the Chinese market [1]

Core Insights - Starbucks has announced a strategic partnership with alternative asset management firm Boyu Capital to establish a joint venture for its retail operations 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, and Starbucks expects the total value of its retail business in China to exceed $13 billion [1] Business Operations - The new joint venture will be headquartered in Shanghai and will manage the existing 8,000 Starbucks stores across China [2] - The partnership aims to gradually expand the number of Starbucks stores in China to 20,000 in the future [2] Company Background - Boyu Capital, founded in 2011, is an alternative asset management company focused on the Chinese market with a global investment strategy [2] - The company has offices in Hong Kong, Beijing, Shanghai, and Singapore, with an investment portfolio exceeding 200 enterprises [2]

凤凰网科技讯 北京时间11月4日，据彭博社报道，星巴克公司将以40亿美元的价格，把其中国业务的大 部分股权出售给私募股权公司博裕资本，以协助加快其咖啡店业务在中国的发展。 星巴克在一份声明中称，博裕资本将通过与星巴克组建的合资企业，持有星巴克中国零售业务高达60% 的股权。星巴克则保留剩余的40%股权，并继续向合资企业授权其品牌和知识产权。 星巴克在声明中表示，其中国零售业务的总价值预计将超过130亿美元。(作者/箫雨) ...

星巴克咖啡公司董事长兼首席执行官倪睿安(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。我们将和志同道合的合作伙伴一起努 力，携手谱写星巴克在中国发展的全新篇章。" 中新社上海11月4日电 (记者 姜煜)星巴克咖啡公司4日宣布与中国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。 根据协议，博裕投资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。 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10年或更长时间内持续支付给星巴克的授 权经营收益。 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。 博裕投资合伙人黄宇铮表示："26年来，星巴克与中国顾客建立了深厚的情感联结。我们认同这一品 ...

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital, a leading alternative asset management firm in China, to establish a joint venture for operating Starbucks' retail business in the Chinese market [1] Group 1: Joint Venture Structure - Boyu Capital 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 to the new entity [1] - The joint venture is based on an enterprise value of approximately $4 billion, excluding cash and debt, allowing Boyu to acquire its corresponding equity stake [1] Group 2: Market Value and Growth Plans - Starbucks anticipates that the total value of its retail business in China will exceed $13 billion, which comprises three components: the equity stake sold to Boyu, the value of Starbucks' retained stake in the joint venture, and ongoing licensing revenue expected over the next decade or longer [1] - The new joint venture will be headquartered in Shanghai and will manage and operate the existing 8,000 Starbucks stores across China, with a shared vision to expand the store count to 20,000 in the future [1]