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星巴克“出售”中国业务:高瓴拟收购只是一角丨消费一线
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-23 13:33
Core Viewpoint - Starbucks is seriously considering restructuring its business in China, including finding partners or even selling equity in its Chinese operations, with the process accelerating [2][3][4]. Group 1: Potential Sale and Interest from Investors - Hillhouse Capital has recently participated in a reverse management roadshow for Starbucks China, expressing interest in acquiring the business, alongside other investment firms like Carlyle and Xincheng Capital [2]. - Starbucks China is estimated to be valued between $5 billion to $6 billion, with the transaction expected to continue until 2026 [2]. - Starbucks CEO Brian Niccol mentioned that there is significant interest from investors in the potential sale of a stake in the Chinese business, highlighting the brand's growth potential and plans to increase store count from 8,000 to 20,000 [4][5]. Group 2: Performance and Competitive Landscape - Starbucks China reported revenue of $739.7 million (approximately 5.317 billion RMB) for the latest fiscal quarter, showing a year-on-year growth of 5%, with same-store sales flat and a 4% decline in average transaction value [7]. - In contrast, domestic coffee brand Luckin Coffee saw a revenue increase of 41.2% to 8.87 billion RMB in the same period, with a significant increase in both self-operated and franchise store revenues [7]. - As of the end of March 2025, Luckin had 24,097 stores, significantly outpacing Starbucks, which had 7,758 stores [7]. Group 3: Pricing Strategy and Market Position - Starbucks has recognized its pricing disadvantage and has initiated a price reduction strategy for several popular products, with average price cuts of around 5 RMB [11]. - The average transaction price for Starbucks is 46.74 RMB, compared to 14.49 RMB for Luckin and 10.4 RMB for Kudi, which has implemented aggressive pricing strategies [10]. - Despite the competitive pricing landscape, Starbucks maintains a strong brand presence and customer experience, which are seen as key advantages in the market [12][13]. Group 4: Operational and Cultural Considerations - Starbucks has developed a mature operational system and employee training ecosystem, which contrasts with competitors that rely heavily on temporary workers [13]. - The potential introduction of domestic shareholders could enhance local decision-making and operational flexibility, similar to the experience of McDonald's in China [14].
高瓴、信宸、凯雷等入局,星巴克中国收购战升级
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-23 12:25
Group 1 - The acquisition competition for Starbucks China has intensified with the involvement of Hillhouse Capital, Xincheng Capital, and Carlyle Group [2] - Starbucks China's business is valued at approximately $5 to $6 billion, with Goldman Sachs serving as the exclusive financial advisor for the transaction, which is expected to continue until 2026 [2] - The initial round of negotiations for Starbucks China's business began in February, with several private equity firms expressing interest, including KKR and FountainVest [2] Group 2 - Hillhouse Capital has extensive M&A experience and a strong track record in the consumer sector, having previously invested in brands like Heytea and Mixue Ice Cream [4][5] - Xincheng Capital, a subsidiary of CITIC Capital, specializes in controlling equity investments and has a rich history in cross-border M&A, including investments in McDonald's China [6][7] - Xincheng Capital aims to capitalize on structural opportunities arising from the divestiture of multinational companies' operations in China, addressing challenges faced by foreign enterprises in the market [7]
高瓴参与竞购星巴克中国业务
财联社· 2025-06-23 04:57
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。 ...
高瓴资本参与竞购星巴克中国业务
news flash· 2025-06-23 04:50
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]
南财观察:你多久没喝星巴克了?
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-22 13:39
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]
星巴克官宣降价后,我们去门店看了看
财联社· 2025-06-21 02:40
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].
星巴克的腰,终于被“穷鬼年轻人”压弯了
商业洞察· 2025-06-20 09:24
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].
茶咖日报|违规收集个人信息!多个茶咖知名品牌被通报
Guan Cha Zhe Wang· 2025-06-19 12:42
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]
25年来首次降价 星巴克打响中国市场保卫战
Sou Hu Cai Jing· 2025-06-19 04:06
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]
星巴克,从王者到学徒
首席商业评论· 2025-06-19 04:02
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 ...