Xin Lang Ke Ji·2025-11-04 00:35Core Insights - Starbucks has announced a strategic partnership with alternative asset management firm Boyu Capital to establish a joint venture for operating its retail business in China [1] - Boyu will hold up to 60% equity in the joint venture, while Starbucks retains 40% equity and continues to own and license its brand and intellectual property [1] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks expecting the total value of its retail business in China to exceed $13 billion [1] Summary by Sections - Joint Venture Structure - The new joint venture will be headquartered in Shanghai and manage the existing 8,000 Starbucks stores across China [1] - The partnership aims to expand the number of Starbucks locations in China to 20,000 in the future [1] - Strategic Goals - Starbucks CEO Laxman Narasimhan emphasized that Boyu's local market expertise will accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [1] - The collaboration is focused on creating an exceptional partner experience and world-class customer service [1]