星巴克中国易主

Core Viewpoint - Starbucks has announced a joint venture with Boyu Capital to operate its retail business in China, marking the first time in 26 years that Starbucks has relinquished control of its Chinese operations. This move aims to revitalize growth in the face of strong competition from local brands like Luckin Coffee [3][12]. Summary by Sections Joint Venture Agreement - Starbucks will retain 40% ownership of the joint venture, while Boyu Capital will hold up to 60%. The deal is based on a valuation of approximately $4 billion for the business, which is debt-free and cash-free [3][5][6]. - The joint venture will be headquartered in Shanghai and will manage over 8,000 existing Starbucks stores in China, with plans to expand the store count to 20,000 in the future [5][6]. Valuation and Financial Outlook - The estimated total value of Starbucks' retail business in China exceeds $13 billion, which includes the value of the equity retained in the joint venture and ongoing licensing fees expected over the next decade [6]. - Starbucks reported a 6% year-over-year increase in revenue for the fourth quarter of fiscal year 2025, reaching $831.6 million, and a 5% increase for the entire fiscal year, totaling $3.105 billion [12]. Competitive Landscape - Starbucks faces significant competition from Luckin Coffee, which has over 24,000 stores in China, far surpassing Starbucks' 8,000 locations. Luckin's low-cost business model has attracted price-sensitive younger consumers, posing a challenge to Starbucks' market position [12]. - In response to competition, Starbucks has adjusted its strategy, including a rare price reduction in July 2023 and a focus on localizing its menu [12][13]. Market Expansion Strategy - Starbucks is accelerating its expansion into lower-tier markets, having entered 166 new county-level markets in fiscal year 2025, nearly doubling its previous year's efforts. The proportion of stores in these lower-tier markets increased from 17% to 35% [13]. - The company has also modified its store model to a "small and beautiful" approach, reducing store sizes from 200 square meters to between 80 and 120 square meters, focusing on takeout and delivery [13]. Background and Context - The decision to sell a stake in the Chinese business follows a period of speculation about Starbucks' intentions, with over 20 investment firms competing for the opportunity, ultimately leading to Boyu Capital's selection due to its extensive experience in the consumer and retail sectors [9][10].