星巴克中国易主，未来将再开1.2万家店

Core Viewpoint - Starbucks has entered a strategic partnership with Chinese alternative asset management company Boyu Capital to establish a joint venture for its retail operations in China, marking the first time in 26 years that Starbucks has relinquished control of its Chinese business [6][8]. Summary by Sections Joint Venture Details - The joint venture will see Boyu Capital holding up to 60% of the equity, making it the controlling shareholder, while Starbucks retains 40% and continues to own the brand and intellectual property [6][8]. - The joint venture is valued at approximately $4 billion, with Boyu expected to invest $2.4 billion (about 173 billion RMB) [7]. Expansion Plans - The joint venture aims to expand Starbucks' presence in China from 8,000 stores to 20,000 stores [8]. - As of the end of fiscal year 2025, Starbucks had 8,011 stores in China, with 415 new stores opened during the year [9]. Financial Performance - Starbucks China reported a revenue of $831.6 million in the fourth quarter of fiscal year 2025, a 6% year-over-year increase, contributing to a total annual revenue of $3.105 billion, which is a 5% increase [15][16]. - The total value of Starbucks' retail business in China is projected to exceed $13 billion, comprising the value from the equity transfer to Boyu, retained equity, and ongoing licensing fees [11]. Strategic Context - The partnership is a strategic adjustment for Starbucks amid increasing competition from local brands like Luckin Coffee and others [17][18]. - Starbucks' global comparable store sales fell by 7% in the fourth quarter of fiscal year 2024, prompting a need for a fundamental strategy change [13][18]. Boyu Capital's Role - Boyu Capital's local market expertise is expected to accelerate Starbucks' expansion, particularly in lower-tier cities [20]. - Boyu has a diversified investment portfolio and a strong track record, with historical fund net internal rates of return exceeding 25% [21]. Market Competition - Despite the joint venture, Starbucks faces ongoing competitive pressures, including price wars and market fragmentation [22]. - Starbucks has already taken measures to address competition, such as reducing prices on certain products, which led to a 12% increase in transaction volume [23]. Future Outlook - The partnership signifies a new era for Starbucks in China, with plans to evolve beyond being just a "third space" provider to a multi-dimensional business model [24].