Core Viewpoint - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [2] Group 1: Joint Venture Details - The joint venture will be based on an enterprise value of approximately $4 billion, excluding cash and debt, allowing Boyu to acquire its corresponding equity [2] - 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 retained equity value in the joint venture, and ongoing royalty income over the next decade or longer [2] Group 2: Future Expansion Plans - The new joint venture will be headquartered in Shanghai, with plans to gradually expand Starbucks' store count in China to 20,000 locations [2] Group 3: Company Background - Boyu Capital, founded in 2011, is an alternative asset management firm focused on the Chinese market with a global reach, managing a diversified investment platform that includes private equity, public markets, infrastructure, and venture capital [2] Group 4: Leadership Statements - Boyu Capital partner Huang Yuzheng emphasized the collaboration will merge Starbucks' global leadership in the coffee industry with Boyu's deep local market insights to accelerate growth and enhance the coffee experience for Chinese consumers [2] - Starbucks Executive Vice President and CEO for China, Liu Wenjuan, stated that the partnership will further unlock significant market potential [2]

Core Viewpoint - Starbucks has finalized a strategic partnership with Chinese alternative asset management company Boyu Capital, forming a joint venture to operate Starbucks' retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][2]. 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 [1]. - The enterprise value of the joint venture is estimated at around $4 billion, excluding cash and debt, with Starbucks' total retail business in China valued at over $13 billion [1][4]. - Starbucks will continue to own the brand and intellectual property rights, licensing them to the new joint venture [1]. Group 2: Market Position and Growth Potential - Starbucks' CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [2]. - Boyu's investment reflects a recognition of Starbucks' potential for further localization and operational improvement in China [3]. - The deal positions Starbucks favorably in negotiations, as the company's Chinese business valuation has exceeded initial expectations [5]. Group 3: Financial Performance - For the fourth quarter of fiscal year 2025, Starbucks China reported a revenue increase of 6% year-over-year to $831.6 million, with a full-year revenue growth of 5% to $3.105 billion [6]. - The operating profit margin for Starbucks China remains in double digits, with profits and margins improving for four consecutive quarters [7]. Group 4: Strategic Changes and Market Dynamics - Starbucks has implemented price adjustments and promotional activities to drive growth, including a price reduction on key products starting June 10 [8][9]. - The company has also expanded its delivery services, achieving record sales in its delivery business [9]. - Despite these efforts, Starbucks faces increasing competition from domestic brands like Luckin Coffee, which has significantly expanded its store count and revenue [12][13]. Group 5: Cultural and Operational Considerations - The shift towards a joint venture indicates a move towards greater localization in operations, allowing for more autonomy within the Chinese team [11]. - However, there are concerns about maintaining Starbucks' cultural identity and operational standards during this localization process [15][16].

每经记者｜丁舟洋 每经编辑｜陈柯名 陈星 星巴克宣布，与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。 图片来源：视觉中国 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，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。 博裕投资创立于2011年，是一家深耕中国市场、布局全球的另类资产管理公司，投资组合超过200家企业，构建了涵盖私募股权、公开市场、基础设施及 创业投资的多元化投资管理平台。 博裕投资合伙人黄宇铮表示："我们将与星巴克协作，融合星巴克在全球咖啡行业的领导力与博裕深度的本地市场洞察，致力于加速增长，为更广大的中 国消费者缔造卓越的咖啡体验。" 星巴克执行副总裁兼中 ...

每经讯11月4日，星巴克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。 博裕投资创立于2011年，是一家深耕中国市场、布局全球的另类资产管理公司，投资组合超过200家企 业，构建了涵盖私募股权、公开市场、基础设施及创业投资的多元化投资管理平台。 星巴克执行副总裁兼中国首席执行官刘文娟表示："与博裕的强强联合将进一步助力我们充分释放巨大 的市场潜力。" 博裕投资合伙人黄宇铮表示："我们将与星巴克协作，融合星巴克在全球咖啡行业的领导力与博裕深度 的本地市场洞察，致力于加速增长，为更广大的中国消费者缔造卓越的咖啡体验。" ...

Core Viewpoint - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [2]. Group 1: Joint Venture Details - The joint venture will be based on an enterprise value of approximately $4 billion, excluding cash and debt, allowing Boyu to acquire its corresponding equity stake [2]. - 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 royalty income from the joint venture over the next ten years or longer [2]. Group 2: Future Expansion Plans - The new joint venture will be headquartered in Shanghai, with both parties committed to gradually expanding the number of Starbucks stores in China to 20,000 [2].

Core Viewpoint - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1] Group 1: Joint Venture Details - The joint venture will be based on an enterprise value of approximately $4 billion, excluding cash and debt, allowing Boyu to acquire its corresponding equity [1] - Starbucks expects the total value of its retail business in China to exceed $13 billion, which comprises three components: the equity stake sold to Boyu, the retained equity value in the joint venture, and ongoing royalty income from Starbucks over the next ten years or longer [1] Group 2: Future Expansion Plans - The new joint venture will be headquartered in Shanghai, with plans to gradually expand the number of Starbucks stores in China to 20,000 [1]

Core Viewpoint - Starbucks has agreed to sell control of its China business to Boyu Capital for $4 billion, retaining a 40% stake in the new joint venture [1] Group 1: Transaction Details - The deal involves Starbucks continuing to own and license its brand and intellectual property to the new entity [1] - Starbucks shares rose by 2.5% in after-hours trading following the announcement [1] Group 2: Financial Impact - Year-to-date, Starbucks stock has declined nearly 11% as of the close on Monday [1]

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

Group 1 - The core point of the article is that Boyu Capital will acquire a 60% stake in Starbucks' China business for $4 billion [1] Group 2 - The acquisition reflects a significant investment in the Chinese market, indicating confidence in the growth potential of Starbucks in the region [1]

Core Insights - Starbucks China reported a revenue of $3.105 billion for the fiscal year 2025, marking a 5% year-on-year increase. The fourth quarter revenue reached $831.6 million, up 6%, indicating four consecutive quarters of revenue growth [2] - Same-store sales have shown positive growth for two consecutive quarters, with a 9% year-on-year increase in transaction volume, reflecting a significant rise in consumer visit frequency [2] - The company has successfully implemented product innovation and scene upgrades, evidenced by the launch of the Golden Osmanthus series, which combined traditional cultural elements with modern coffee drinks, achieving a record single-day sales figure [2] - As of the end of the fiscal year, Starbucks China had expanded its store count to 8,011, covering 1,091 county-level cities across the country [2] Industry Trends - The competitive landscape is changing with the rise of domestic coffee brands like Luckin Coffee and new tea beverage brands such as Mixue Ice Cream and Tea, which are entering the coffee market with lower prices, challenging Starbucks' pricing strategy [2] - Coffee in China is transitioning from a "niche luxury product" associated with social status to a "daily consumer good," with consumers increasingly prioritizing convenience and cost-effectiveness, directly impacting Starbucks' "third space" model [3]