Mei Ri Jing Ji Xin Wen·2025-11-03 23:21Core 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]