星巴克中国，卖了！

Core Insights - Starbucks has announced a joint venture with private equity firm Boyu Capital to operate its retail business in China, with Boyu holding up to 60% and Starbucks retaining 40% [1][2] - The partnership aims to expand Starbucks' store count in China to 20,000, representing an approximate 1.5 times increase from the current number [1][2] - Boyu Capital will acquire its stake based on an enterprise value of around $4 billion, excluding cash and debt, with Starbucks estimating the total value of its retail business in China to exceed $13 billion [1][2] Group 1: Joint Venture Details - The joint venture will leverage Boyu Capital's local market expertise to accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [3] - Starbucks has previously utilized joint ventures in various markets, including Japan and South Korea, but has shifted towards direct ownership in China until this recent decision [1][4][5] Group 2: Market Context and Competition - Starbucks has faced declining revenues in China, with three consecutive quarters of year-over-year revenue decline until a slight recovery in the first quarter of fiscal 2025 [6][7] - In contrast, Luckin Coffee has surpassed Starbucks in quarterly revenue for the first time in Q2 2023, highlighting the competitive pressures Starbucks faces in the Chinese market [6][7] - The current competitive landscape includes brands like Kudi and New Coffee, which have established significant market presence, making it challenging for Starbucks to regain its leading position [8] Group 3: Strategic Implications - The partnership with Boyu Capital is seen as a strategic move to enhance localization and adapt to changing consumer preferences among younger Chinese consumers [7][8] - Future adjustments may include adopting a lightweight store model and exploring franchise opportunities to penetrate lower-tier markets [7][8]