大钲资本欲购Costa 中国咖啡模式能否逆袭全球？

Core Insights - Luckin Coffee's major shareholder, Dazhong Capital, is considering acquiring Costa Coffee from Coca-Cola, which is looking to sell the brand, highlighting a significant shift in the global coffee industry [1][2] Group 1: Strategic Ambitions and Industry Changes - Dazhong Capital currently holds 31.3% of Luckin Coffee's shares and 53.6% of its voting rights, indicating a strong influence in the company [2] - The interest in acquiring Costa Coffee follows Dazhong Capital's previous attempt to acquire a stake in Starbucks China, showcasing its ambition to expand beyond the budget coffee market and integrate the entire coffee supply chain [2] - The global coffee market is undergoing significant changes, with increased collaboration between Chinese capital and international coffee brands, as evidenced by Starbucks' joint venture with Boyu Capital and JDE Peet's acquisition by Keurig Dr Pepper [2] Group 2: Costa Coffee's Current Situation - Costa Coffee, acquired by Coca-Cola for £3.9 billion (approximately $5.1 billion) in 2018, has not performed as expected, with 2023 fiscal year revenues exceeding £1.2 billion, a 9% increase year-on-year but below 2018 levels, and a shift from a profit of £2.459 million to a pre-tax loss of £96,000 [3] - If Costa is sold for the rumored £1 billion valuation, it would represent a significant loss for Coca-Cola compared to its acquisition price seven years ago [3] Group 3: Complementary Synergies and Integration Prospects - The strategic complementarity between Costa and Luckin Coffee is a key motivation for Dazhong Capital's interest in the acquisition, as Costa's high-end positioning contrasts with Luckin's efficiency and mid-to-low price strategy [4] - Costa's extensive international network, with over 2,700 stores in the UK and Ireland and more than 1,300 globally, contrasts with Luckin's 27,000+ stores in China, indicating a gap in international presence for Luckin [4] - The integration post-acquisition could focus on replicating Luckin's successful "small store model" at Costa, enhancing digital capabilities, streamlining supply chains, and leveraging Costa's global footprint to facilitate Luckin's entry into European markets [6]