深度｜本土资本为何频频买入在华 “洋品牌”？

Core Insights - Starbucks has officially announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, marking the conclusion of a year-long sale process [1] - The trend of foreign brands in China seeking local investors is evident, with Haagen-Dazs' parent company also reportedly planning to sell its Chinese operations [1] - The involvement of top-tier local private equity firms in acquiring foreign brands indicates a shift in the investment landscape, focusing on mature brands facing growth challenges [1][2] Investment Dynamics - The acquirers are primarily mature local private equity firms with strong fundraising capabilities and expertise in operational restructuring, resource integration, and cross-border regulatory compliance [1][2] - Boyu Capital has made significant investments in the new economy and consumer markets, including stakes in various well-known companies [1] Acquisition Rationale - The targets of these acquisitions are established foreign brands rather than emerging ones, driven by the scarcity and uniqueness of brands like McDonald's, KFC, and Starbucks, which have built substantial brand equity over decades [2][3] - These brands possess stable cash flows and robust financial management systems, making them attractive even in periods of slow growth [2][3] Market Conditions - The acquired brands are currently facing intense competition and growth challenges, with Starbucks reporting a revenue growth of only 5%, while competitors like Luckin Coffee are experiencing much higher growth rates [4] - The decline in performance of multinational brands is attributed to slow innovation and insufficient local team incentives, presenting an opportunity for local capital to enhance value through targeted improvements [4][5] Future Outlook - The increasing number of such acquisitions is expected to enhance market efficiency, as local teams will gain more autonomy and incentives, leading to faster innovation and improved supply chain efficiency [6][8] - The trend of foreign brands selling stakes to local investors is likely to continue, driven by the dual pressures of underperformance and competition from local brands [7][8]