Mei Ri Jing Ji Xin Wen·2025-11-04 13:20Core Viewpoint - Starbucks has entered a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, marking a new chapter after 26 years in the market [1][3]. Group 1: Joint Venture Details - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% 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, which will determine Boyu Capital's corresponding equity [1]. Group 2: Market Potential and Growth Plans - Starbucks anticipates that the total value of its retail business in China will exceed $13 billion, comprising the equity transferred to Boyu Capital, retained equity, and future licensing revenue [3]. - The new joint venture will be headquartered in Shanghai and aims to expand Starbucks' store count in China from over 8,000 to 20,000 [4]. Group 3: Strategic Insights and Leadership - Starbucks' CEO Brian Niccol emphasized that Boyu Capital's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [4]. - Boyu Capital's partner Huang Yuzheng expressed a commitment to enhancing customer experiences through innovative and localized offerings [4]. Group 4: Historical Context and Comparisons - Boyu Capital, founded in 2011, has a diverse investment portfolio and has previously invested in notable projects such as Alibaba and NetEase Cloud Music [5][6]. - The partnership reflects a trend seen with other companies like Yum China and McDonald's, which have successfully accelerated growth in China by partnering with local investors [10][11].