星巴克“出售”中国业务：高瓴拟收购只是一角丨消费一线

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].