Cai Jing Wang·2025-11-04 20:33Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for retail operations in the Chinese market [1] - Boyu 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, with Starbucks' total retail business value in China expected to exceed $13 billion [1] Summary by Sections - Joint Venture Structure - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores across China [1] - The goal is to expand the number of Starbucks locations in China to 20,000 in the future [1] - Strategic Goals - Starbucks aims to leverage Boyu's local market expertise to accelerate growth, particularly in smaller cities and emerging regions [1] - The partnership is focused on enhancing employee experience and delivering world-class customer service [1]