Group 1 - Global investment firms Carlyle Group and EQT are preparing final offers for a controlling stake in Starbucks' China operations [1] - Regional players HongShan Capital Group and Boyu Capital are also involved in the bidding process [1]

By Kane Wu and Julie Zhu HONG KONG (Reuters) - Global investment firms Carlyle Group and EQT, alongside regional players HongShan Capital Group and Boyu Capital, are preparing final offers for a controlling stake in Starbucks' China operations, said five people with knowledge of the matter. Starbucks has asked them to submit binding bids by early October, said three of the sources, who declined to be identified as the information was private. An agreement could be reached by the end of next month, one o ...

Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [1][2] Group 1: Stake Sale and Market Position - The key issue in the stake sale is the proportion of ownership that Starbucks will retain, with indications that the company may keep around 30% of the stake while distributing the rest among multiple buyers [2] - Starbucks CEO Brian Niccol emphasized the importance of retaining a significant stake to maintain operational control in China, stating that any deal must align with Starbucks' interests [1][2] Group 2: Operational Flexibility and Growth - Starbucks has shown increased operational flexibility in China, including a partnership with Xiaohongshu (Little Red Book) to enhance community engagement and a price adjustment strategy that has led to significant sales growth in key product categories [5] - In the latest fiscal quarter, Starbucks China reported an 8% year-over-year revenue increase to $790 million (approximately 5.625 billion RMB), marking three consecutive quarters of growth [5] Group 3: Competitive Landscape - The competitive landscape in the Chinese coffee market is intensifying, with Luckin Coffee reporting a 47.1% year-over-year revenue increase to 12.36 billion RMB, significantly outpacing Starbucks [7][8] - As of the end of Q2, Luckin Coffee had 26,206 stores, reflecting a rapid expansion that has created a noticeable gap between it and Starbucks [7][8]

Core Viewpoint - Reports indicate that several employees claiming to be from Starbucks have stated they were forced to purchase products out of pocket due to unmet sales targets for mooncakes, with part-time employees reportedly spending nearly 3000 yuan and full-time employees facing higher sales pressure and penalties [1] Group 1 - Starbucks is currently verifying the claims made by employees regarding the out-of-pocket purchases [1] - The company emphasizes that it does not permit employees to make such purchases as it is a matter of principle [1] - The unique flavors and designs of Starbucks' mooncakes have garnered significant customer interest each year upon release [1]

Core Viewpoint - Recent reports indicate that Starbucks employees are facing pressure to meet sales targets for mooncakes, leading to financial strain and complaints about forced purchases [1][2][3] Group 1: Employee Experiences - A part-time employee from Hunan reported being forced to purchase 15 boxes of mooncakes, totaling nearly 3000 yuan, causing financial difficulties [1] - Full-time employees also shared similar experiences, with one from Zhejiang stating they had to buy 5 boxes, costing over 1000 yuan, and faced penalties for not meeting sales targets [2] - Many employees described the mooncake sales period as a "nightmare," with assigned sales quotas leading to significant stress and financial burden [3] Group 2: Market Dynamics - Mooncakes are being resold on second-hand platforms, with many sellers claiming to be Starbucks employees, indicating a potential oversupply and difficulty in selling the product at retail prices [3][10] - The original retail price for mooncakes is significantly higher than the resale prices, suggesting that employees are subsidizing sales to meet targets [10] Group 3: Company Response - Starbucks has stated that it does not allow employees to purchase products to meet sales targets and is investigating the claims made by employees [10] - A legal expert noted that requiring employees to purchase products to meet sales goals could expose the company to legal risks, as it violates principles of voluntary and equitable labor relations [10] Group 4: Public Perception - Media commentary suggests that if a large company like Starbucks resorts to pressure tactics on employees, it raises concerns about corporate practices and employee treatment [10]

Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [1] Group 1: Stake Sale Details - The sale involves discussions about the proportion of equity Starbucks will retain, with reports suggesting that Starbucks may keep around 30% of the stake while distributing the remaining shares among several buyers [2] - CEO Brian Niccol emphasized the importance of retaining a significant portion of equity to maintain operational control in China [3] Group 2: Operational Flexibility - Starbucks has demonstrated increased operational flexibility in China, including a partnership with Xiaohongshu to enhance community engagement in over 1,800 stores [7] - The company has also adjusted pricing strategies, reducing prices on key products, resulting in significant sales growth, particularly for iced tea and frappuccinos [8][10] Group 3: Competitive Landscape - The competitive environment in the Chinese coffee market is intensifying, with Luckin Coffee reporting a 47.1% year-on-year revenue increase, significantly outpacing Starbucks [11] - Other domestic brands, such as Kudi Coffee, are rapidly expanding, with Kudi surpassing 15,000 stores and achieving profitability [12] - Starbucks reported a 2% year-on-year same-store sales growth, with a decline in average transaction value, highlighting the challenges faced in maintaining market share [12] Group 4: Strategic Importance of Local Partnerships - Finding a partner that understands the Chinese market is crucial for Starbucks' expansion strategy, as indicated by CEO Brian Niccol [13] - The outcome of the stake sale will determine the future operational dynamics of Starbucks in China [14]

Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [3][12] Group 1: Stake Sale Details - The sale involves negotiations on the percentage of equity Starbucks will retain, with reports suggesting that Starbucks may keep around 30% of the stake while distributing the remaining shares among multiple buyers [4][5] - Starbucks CEO Brian Niccol emphasized the importance of retaining a significant portion of equity to maintain operational control in China, stating that any deal must align with Starbucks' interests [3][5] Group 2: Operational Flexibility - Starbucks China has gained more operational flexibility, as evidenced by a recent partnership with Xiaohongshu (Little Red Book) to enhance community engagement in over 1,800 stores [6] - The company has also adjusted pricing strategies, reducing prices on key products, which led to significant sales growth in the second quarter [7][8] Group 3: Competitive Landscape - The competitive environment in China's coffee market is intensifying, with Luckin Coffee reporting a 47.1% revenue increase in the second quarter, significantly outpacing Starbucks [9][10] - Other domestic brands, such as Kudi Coffee, are rapidly expanding, with Kudi surpassing 15,000 stores and achieving profitability [10] Group 4: Strategic Importance of Local Partnerships - Finding a partner that understands the Chinese market is crucial for Starbucks' expansion strategy, as highlighted by CEO Brian Niccol [11]

Core Points - A recent incident involving Starbucks employees in Hunan and Zhejiang has raised concerns about the company's sales practices, specifically regarding the purchase of mooncakes for the Mid-Autumn Festival [1] - Starbucks has stated that it is verifying the claims made by the employees and emphasized that the company does not allow employees to purchase products on behalf of the company, highlighting this as a principle issue [1] - The company noted that its mooncakes are popular due to their unique flavors and designs, and encouraged customers to purchase them through official channels to protect their consumer rights [1] Summary by Category - **Employee Claims** - A part-time employee in Hunan reported being pressured to purchase 15 boxes of mooncakes, totaling nearly 3000 yuan, which strained their living expenses [1] - A full-time employee in Zhejiang mentioned having to purchase 5 boxes, costing over 1000 yuan, against a target of 25 boxes [1] - **Company Response** - Starbucks is currently investigating the situation and reiterated its policy against employees purchasing products for themselves [1] - The company highlighted the popularity of its mooncakes and urged customers to buy from authorized sources to ensure their rights are protected [1]

Core Insights - Recent reports indicate that Starbucks employees are facing pressure to purchase mooncakes due to unmet sales targets, with some part-time employees reportedly spending nearly 3000 yuan out of pocket [2][3] - The company is considering selling its China operations, with over 20 institutions expressing interest, and plans to retain a significant equity stake [4] - Starbucks' Q3 2025 financial results show a 4% increase in consolidated net revenue to $9.5 billion, despite a 2% decline in same-store sales globally [4][5] Group 1: Employee Sales Pressure - Multiple employees claim they are being forced to buy mooncakes to meet sales quotas, with one part-time employee stating they had to purchase 15 boxes, costing nearly 3000 yuan [2][3] - Full-time employees also report high sales pressure, with one stating they had to buy 5 boxes at a cost exceeding 1000 yuan, facing penalties for not meeting targets [3] - The company has denied knowledge of such practices, emphasizing that employees should not be required to purchase products themselves [3] Group 2: Business Operations and Financial Performance - Starbucks is exploring the sale of its China business, with potential buyers including Hillhouse Capital, Carlyle Group, EQT, and Sequoia China, and negotiations are in the final stages [4] - The estimated valuation for Starbucks' China operations ranges from $5 billion to $6 billion [4] - In Q3 2025, Starbucks reported a revenue of $7.9 billion in China, an 8% year-over-year increase, with a 2% rise in same-store sales [5]

责任编辑：江钰涵 9月11日，新浪财经从知情人士获悉，星巴克已将博裕资本、凯雷集团、EQT与红杉中国列为中国业务 出售的最终候选方。这项收购案已在最后一轮谈判阶段，将在10月底前敲定结果。 ...