每经热评︱以60%股权，换一个更懂中国的星巴克

Core Insights - Starbucks has made a significant strategic decision by introducing local capital through a joint venture with Boyu Capital, relinquishing up to 60% of its controlling stake, marking a pivotal shift in its approach to the Chinese market [1][2] - The current coffee market in China is undergoing unprecedented price competition, with prices dropping to as low as 2.9 yuan per cup, challenging Starbucks' previous brand premium [1][2] - The move towards local partnerships reflects a broader trend where multinational brands must deeply localize their operations to thrive in the increasingly competitive Chinese market [3][4] Company Strategy - By ceding operational control, Starbucks aims for long-term survival and growth in China, recognizing that local insights are more valuable than global brand prestige in the current market [2][3] - Boyu Capital's involvement is not just about financial investment; it brings deep understanding and resources for expanding into smaller cities and emerging regions, indicating a strategic shift towards these markets [2][3] - Starbucks plans to expand its store count in China from 8,000 to 20,000, highlighting the importance of the Chinese market in its global strategy [4] Market Dynamics - The diverse consumer landscape in China presents challenges for Starbucks in maintaining brand identity while localizing products, pricing, and marketing strategies [3][4] - The competitive environment necessitates a balance between brand value, profitability, and rapid expansion, especially in the face of aggressive pricing strategies from local competitors [4][5] - The evolving rules of engagement for multinational companies in China emphasize the need for comprehensive localization, extending beyond product development to include ownership structures and decision-making processes [3][4] Future Outlook - Starbucks' strategy may include a franchising model in the future, allowing for rapid expansion while maintaining control over brand standards and quality [4] - The partnership with Boyu Capital is expected to enhance innovation and localized consumer experiences, which are crucial for maintaining market position as consumer preferences evolve [5] - The case of Starbucks in China serves as a reference point for other multinational brands navigating the complexities of the Chinese market [5]