第一财经·2025-11-14 11:07Core Viewpoint - The article discusses the trend of foreign brands in China, particularly in the food and beverage sector, increasingly partnering with Chinese investors or selling stakes to adapt to the competitive landscape and optimize growth strategies [3][4]. Group 1: Market Dynamics - Costa Coffee is reportedly in discussions for acquisition by Luckin Coffee's major shareholder, Dazhong Capital, indicating a shift in ownership dynamics in the coffee market [3][4]. - Starbucks has formed a joint venture with Boyu Capital to operate its retail business in China, with Boyu holding up to 60% of the joint venture [4]. - Major international brands like Domino's, McDonald's, and Burger King are restructuring their operations in China by introducing Chinese shareholders and relinquishing control, reflecting a broader trend of "risk outsourcing" in a saturated market [4][9]. Group 2: Expansion Strategies - Yum Brands, the parent company of KFC and Pizza Hut, sold its China operations to Primavera Capital and Ant Financial in 2016, leading to significant growth in KFC's store count, which increased by 992 stores to a total of 12,600 by Q3 2025, with nearly 40% located in lower-tier cities [6][7]. - McDonald's, after a strategic partnership with CITIC Capital, has expanded its presence to over 7,100 stores in China, tripling its store count in eight years, with a focus on lower-tier cities [7][8]. - The rapid expansion of McDonald's includes an opening rate of 2-3 new stores daily, with a target of reaching 10,000 stores by 2028 [7][8]. Group 3: Local Adaptation - The management structure of McDonald's has shifted to a localized board, allowing for quicker decision-making and better adaptation to the Chinese market [8]. - Local sourcing and supply chain optimization are emphasized to enhance operational efficiency and responsiveness to market demands [8]. - The trend of foreign brands partnering with local capital is seen as a way to mitigate risks and leverage local market knowledge, rather than merely a move towards localization [9][10]. Group 4: Competitive Landscape - Starbucks faces intense competition from local brands like Luckin Coffee, which reported a net revenue of 12.36 billion RMB in Q2 2025, a 47.1% year-on-year increase, surpassing Starbucks for the first time [15][16]. - The rise of fast coffee brands has eroded Starbucks' traditional market advantages, prompting the company to adopt promotional strategies to remain competitive [10][16]. - The article highlights that many international brands are transitioning from being dominant players to facing challenges as local brands gain market share and consumer loyalty [10][11].