Xin Lang Cai Jing·2025-11-04 05:05Core Insights - Starbucks has announced a joint venture with Boyu Capital to operate its retail business in China, marking a significant step in its growth strategy in one of its most important markets [2][5] - Boyu will hold up to a 60% interest in the joint venture, while Starbucks retains a 40% interest and continues to own the brand and intellectual property [3][8] - The total value of Starbucks' retail business in China is expected to exceed $13 billion, derived from the sale of the controlling interest, the retained interest value, and ongoing licensing revenues [4][8] Joint Venture Details - The joint venture will be headquartered in Shanghai and aims to expand from the current 8,000 Starbucks locations to as many as 20,000 [6] - The partnership combines Starbucks' global brand and expertise with Boyu's local market knowledge to enhance customer experience and drive innovation [5][7] Financial Performance - For the quarter ended September 28, 2025, Starbucks reported net revenues of $831.6 million, a 6% increase from the previous year [9] - Comparable store sales increased by 2%, with a 9% rise in transactions, although the average ticket size decreased by 7% [9]