星巴克2024年在中国实现净收入30亿美元，拥有7685家门店，正面临瑞幸咖啡、蜜雪冰城等本 土品牌的激烈竞争。 据知情人士透露， 高瓴资本近日参与了星巴克中国区的反向管理层路演，表达了对收购星巴 克中国业务的兴趣。 此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与。据悉，目 前交易结构尚未敲定。星巴克中国业务估值约为50至60亿美元，由高盛担任独家财务顾问。该 交易预计将持续到2026年。 ...

Group 1 - Hillhouse Capital has expressed interest in acquiring Starbucks' China business, participating in a reverse management roadshow [1] - Other investment firms such as Carlyle Group and Xincheng Capital also participated in the roadshow [1] - The estimated valuation of Starbucks' China business is between $5 billion to $6 billion, with Goldman Sachs serving as the exclusive financial advisor for the transaction [1] Group 2 - Starbucks is projected to achieve a net revenue of $3 billion in China in 2024, operating 7,685 stores [1] - The company faces intense competition from local brands such as Luckin Coffee and Mixue Ice Cream [1] - The transaction is expected to continue until 2026, with the deal structure yet to be finalized [1]

Group 1 - Starbucks has established a significant presence in China with 7,596 stores and 140 million members, but faces challenges as same-store sales decline by 8% and average transaction value drops by 8% in fiscal year 2024 [1] - Local competitors like Luckin Coffee and others are rapidly gaining market share, with Luckin's revenue surpassing Starbucks in 2023 and projected to reach a 32.9% market share by 2025 [1] - The overall coffee market in China is expected to grow from 46.5 billion in 2020 to 55 billion by 2025, while Starbucks' market share is projected to shrink from 42% to 17% [1] Group 2 - In June 2025, Starbucks China implemented its first price reduction in 25 years, with non-coffee beverages dropping by up to 6 yuan, aiming to maintain the premium pricing of coffee products at 39 yuan [2] - The price cut led to a 5% increase in revenue in the second quarter, but operational costs rose by 12.1%, resulting in a net profit margin of 4.4% [2] - The shift in consumer preferences indicates that 60% of coffee consumers in China prioritize products priced below 20 yuan, reflecting a change in market dynamics where coffee is viewed as an everyday consumable rather than a luxury item [2]

Core Viewpoint - Starbucks has initiated a price reduction on several non-coffee beverages, which has led to mixed sales performance across its stores, indicating a strategic move to penetrate lower-tier markets while facing challenges in boosting overall sales without reducing coffee prices [1][5]. Group 1: Sales Performance - Some Starbucks locations have reported a significant increase in sales following the price cuts, with certain non-coffee drinks like the Ice Shaken Red Plum Blackcurrant and Tea Latte experiencing high demand, leading to stock shortages [2][3]. - In contrast, other stores have not observed a notable change in sales, with coffee products remaining the primary revenue source for these locations [2][3]. Group 2: Pricing Strategy - The price reduction, which is the first in 25 years, affects dozens of non-coffee beverages with price cuts ranging from 2 to 6 yuan, and the actual discount can be more substantial when combined with promotional offers [2][5]. - For example, the price of a large Red Tea Latte has decreased from 35 yuan to 29 yuan, and with additional discounts, customers can pay as little as 20.3 yuan [2]. Group 3: Market Challenges - Analysts suggest that without a corresponding price reduction on coffee products, the overall impact on Starbucks' sales will be limited, as non-coffee beverages are not the company's strong suit [5]. - The competitive landscape is intensifying, with brands like Bawang Chaji offering similar "third space" experiences and appealing to consumers who may not prefer coffee, posing a challenge to Starbucks [5]. Group 4: Financial Performance - Starbucks China is at a critical stage of performance improvement, reporting approximately $740 million in revenue for Q2 of fiscal year 2025, a 5% year-over-year increase, with comparable store transactions up by 4% [6]. - In contrast, the first quarter of fiscal year 2025 showed a slight revenue increase of 1% but a 6% decline in same-store sales, highlighting the volatility in performance [6].

Core Viewpoint - Starbucks China has announced its first large-scale price reduction in over 20 years, aiming to enhance its competitiveness in the non-coffee beverage market while facing increasing pressure from local competitors [4][5][12]. Group 1: Price Reduction Strategy - Starting June 10, Starbucks will reduce prices on several key products, including Frappuccinos, iced teas, and tea lattes, with an average price drop of around 5 yuan [5][20]. - Despite the price cuts, the response from consumers has been lukewarm, with many expressing disappointment and feeling that the reductions were insufficient [9][12]. - The price reduction comes after Starbucks has experienced ten consecutive quarters of declining sales, indicating that pricing has become a significant weakness for the brand [12][13]. Group 2: Competitive Landscape - The coffee market in first and second-tier cities is nearing saturation, while third and fourth-tier cities are seeing significant growth, with coffee orders in these areas increasing by over 250% year-on-year [26][29]. - Competitors like Kudi Coffee and Luckin Coffee are aggressively pursuing market share with low-price strategies, further pressuring Starbucks to adapt [23][30]. - The emergence of brands like Bawang Chaji, which has successfully positioned itself as a competitor to Starbucks, highlights the increasing competition in the beverage market [30][32]. Group 3: Market Positioning and Consumer Behavior - Bawang Chaji has adopted a strategy that closely mirrors Starbucks, targeting prime locations and offering a similar customer experience, but at lower prices [44][56]. - The brand has achieved impressive sales figures, with a single product generating over 10 billion yuan in revenue, showcasing its rapid growth and market acceptance [50][59]. - Starbucks faces challenges in maintaining its "third space" concept as local brands offer similar amenities at more affordable prices, leading to a shift in consumer preferences [77][81]. Group 4: Future Strategies - To regain market share, Starbucks must rethink its approach beyond mere price reductions and consider strategic partnerships, similar to competitors who have successfully leveraged alliances for growth [66][72]. - The company needs to enhance its value proposition and customer experience to compete effectively in a market that has become increasingly price-sensitive and competitive [81][83].

Group 1: Mobile Applications and Data Privacy - 64 mobile applications, including well-known brands like Starbucks and CoCo, have been reported for illegal collection and use of personal information [1][2] - This is not the first time tea brands have been named for personal information collection issues, with previous complaints regarding excessive data requests from users [1] - In March 2023, Shanghai Consumer Protection Commission found similar issues with brands like CoCo and Yi Dian Dian, where customers were forced to provide personal information to place orders [2] Group 2: Starbucks Store Closure - Starbucks will close its Guangzhou Taikoo Hui store on June 28 due to adjustments in the shopping mall's business layout [3] - The company emphasizes that store closures and renovations are part of its ongoing strategy to adapt to changing consumer demands and market conditions [3] - Nearby Starbucks locations will continue to provide services, ensuring customer access to their products [3] Group 3: New Tea Beverage Trends - New tea beverages are driving regional fruits like Huangpi and lychee to a national market, with brands like Luckin Coffee and Heytea incorporating these ingredients into seasonal products [4] - The trend includes a variety of regional specialties being introduced to the national market, breaking geographical barriers in product availability [4] - New tea brands are increasingly collaborating with supply chains to establish exclusive agricultural bases, enhancing product differentiation and consumer experience [4] Group 4: Nestlé's Investment in Brazil - Nestlé plans to invest 7 billion Brazilian Reais (approximately 9.3 billion RMB) in Brazil from 2025 to 2028, an increase from the previous investment of 6.3 billion Reais [5] - Brazil is Nestlé's third-largest market, with projected revenues of approximately 4 billion Swiss Francs (around 4.9 billion USD) in 2024 [5] - The new investment plan includes over 500 million Reais specifically for the coffee business, which is part of the overall investment strategy [5]

Core Insights - Starbucks China has implemented a price reduction on several non-coffee beverages, marking the first official price adjustment in its 25-year history in China, with reductions ranging from 2 to 6 yuan [2][3] - The price cuts are seen as a strategic response to increasing competition from local brands like Luckin Coffee and Heytea, which have been expanding rapidly and offering lower prices [2][4] Pricing Strategy - The price reduction focuses on non-coffee drinks, reflecting a deep market consideration as consumer preferences evolve towards a more diverse beverage market [3][4] - Starbucks aims to capture market share in the non-coffee segment during peak tea consumption seasons, leveraging psychological pricing to enhance perceived value [4][8] Market Performance - In the 2024 fiscal year, Starbucks China reported revenues of $2.958 billion, a 1.4% year-over-year decline, with the fourth quarter showing a 7% year-over-year drop [8][9] - The company has experienced a continuous decline in average transaction value for ten consecutive quarters, with a notable drop of 9% to 4% in recent quarters [9][10] Competitive Landscape - Local competitors like Luckin Coffee have shown significant growth, with a 41.2% year-over-year increase in total net revenue for the first quarter of 2025, widening the performance gap with Starbucks [9][10] - Starbucks is facing challenges not only in China but also globally, with a 1% decline in same-store sales in North America, which contributes nearly 70% of its revenue [9][10] Strategic Adjustments - Starbucks has made several strategic moves, including appointing a Chief Growth Officer to enhance product innovation and marketing strategies in response to slowing growth [12][13] - The company is also exploring potential partnerships and investments to optimize its operations and enhance its market position in China [10][11] Digital Transformation - Starbucks is collaborating with Microsoft Azure to launch an AI assistant aimed at improving operational efficiency in stores, which is part of a broader digital transformation strategy [18][19] - The company has received positive market reactions, with RBC Capital raising its target price for Starbucks shares, reflecting confidence in its digital initiatives [19][20]

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 不再像自己，但也不像瑞幸。 作者：陈乐高 来源：华商韬略出品（ID：hstl8888） 这是入华25年来，星巴克第一次直接大规模降价。 6月10日，星巴克对旗下星冰乐、冰摇茶、茶拿铁三大非咖系列产品，做了一轮价格下调，调整后，多款饮 品价格回到了20元以下。 忘掉自己 这一切背后的动因，是中国市场剧烈震荡的业绩。 2024财年，星巴克中国营业收入约210.55亿元，同比下降1.4%，同店销售额同比下降8%，而这还是中国市 场调整后反弹的结果。 事实上改变早已开始，在最近五六年，除了门口的绿色美人鱼商标，星巴克亲手摘掉的金科玉律，远不止 于此。 第三空间，是星巴克极力打造的一种体验。在它看来，生活在大城市快节奏生活中的人，在家庭和职场 外，还应该有一个获得松弛感的栖息之所。 为了这个体验，星巴克管住的不止是三明治，还有家具材质、屋顶灯光、店内音乐，甚至是店员和顾客的 交流方式。 但随着互联网商业时代的到来，空间的传统被打破了。 2019年，星巴克推出了主打"在线点，到店取"的"啡快"服务，又很快全面接入阿里巴巴的商业平台。 当 ...

Core Insights - Starbucks has initiated a price reduction for several of its popular non-coffee beverages, with average price cuts around 5 yuan, making the starting price for large drinks approximately 23 yuan [1][3] - The price drop is primarily focused on non-coffee products, while coffee beverages largely maintain their original prices [3][6] - The competitive landscape has intensified, with other high-end coffee brands also reducing their prices, making premium coffee more accessible, with some offerings dropping below 15 yuan [3][5] Pricing Strategy - The new pricing strategy aims to attract more customers, as evidenced by increased foot traffic in Starbucks locations following the price cuts [5][6] - Online platforms are offering significant discounts, with some products available for as low as 10 yuan, driven by promotional subsidies [3][7] - Despite the lower prices, there are concerns regarding the overall value proposition compared to other brands that maintain lower price points [6][8] Market Dynamics - The current beverage market is increasingly competitive, with a notable shift towards tea drinks, which are projected to surpass the coffee market in size by over 1 billion yuan by 2025 [8] - Starbucks is adapting its strategy to include a broader product matrix that caters to various consumer preferences and scenarios [8][9] - The rising cost of coffee beans poses a challenge to sustaining low prices, as the price of coffee futures has reached historical highs [8][9] Future Considerations - The ongoing price competition raises questions about the sustainability of low pricing strategies among high-end coffee brands [8][9] - The industry faces a critical juncture where brands must balance cost, quality, and consumer perception to maintain their market position [9]

Group 1 - The era of foreign consumer brands in China is coming to an end, as evidenced by Haagen-Dazs potentially being put up for sale by General Mills and Starbucks engaging in aggressive price cuts to compete in the coffee market [4][12][47] - Haagen-Dazs is reportedly considering selling its China operations, with a potential valuation of several hundred million dollars, as the brand struggles to maintain its market position amid increasing competition and changing consumer preferences [4][6][38] - Starbucks has initiated a significant price reduction for its core products, marking its first large-scale price cut in 25 years in China, in response to fierce competition from local brands like Luckin Coffee [13][16][18] Group 2 - The decline of Haagen-Dazs and Starbucks reflects a broader trend where foreign brands are losing their premium status in the Chinese market, as consumers prioritize value for money and personalized experiences over brand prestige [8][22][24] - The competitive landscape has shifted dramatically, with local brands offering lower prices and innovative products, forcing established foreign brands to adapt or risk obsolescence [25][27][30] - The operational models of Haagen-Dazs and Starbucks, which once provided competitive advantages, are now seen as burdens in the fast-evolving Chinese market, leading to slower innovation and market responsiveness [28][34][36] Group 3 - The potential sale of Haagen-Dazs and Starbucks' operations in China is not necessarily a sign of retreat but could represent a strategic repositioning, similar to McDonald's successful transformation after its sale to a consortium in 2017 [38][41][43] - Possible buyers for these brands include investment firms looking to capitalize on their brand value and operational inefficiencies, as well as local companies that can leverage their existing supply chains and market knowledge [44][45] - The current situation underscores the necessity for foreign brands to deeply localize and innovate their business models to survive in the competitive Chinese market [47]