11月4日，星巴克宣布与私募股权投资公司博裕资本成立合资公司，共同运营星巴克在中国市场的零售业务。博裕资本将持有合资企业至多60%股权，星巴 克保留40%股权。双方合作后，计划将星巴克中国的门店数稳步扩展至2万家，较当前增长约1.5倍。 博裕资本将基于约40亿美元的企业价值（不含现金和债务）收购其股份。星巴克预计其中国零售业务的总价值将超过130亿美元，总价值由三部分构成：向 博裕资本出让合资企业控股权益所得、星巴克在合资企业中保留的权益价值，以及未来十年或更长时间内持续支付给星巴克的授权经营收益。 早些年，星巴克在日本、韩国等多个国家和地区都采用过合营的方式，不过后来星巴克要么逐步收回股权，要么逐步退出、直接授权当地公司经营。其在中 国内地市场，也经历了从合营到收归直营的演变，而如今，星巴克在中国决定反向"换挡"。 针对战略投资星巴克原因、是否会物色本地团队运营等，11月4日，南都湾财社记者通过官网邮件联系博裕资本，截至发稿，尚未收到回复。 拿下星巴克中国60%股权的博裕资本 曾投资希音、小红书、蜜雪冰城等 根据媒体报道，从2024年11月星巴克传出要出售中国市场部分业务后，收购方的名单就出现众多知名投资机 ...

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1] - The estimated enterprise value of the joint venture is approximately $4 billion, and Starbucks anticipates the total value of its retail business in China to exceed $13 billion [1] - The new joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 in the future [1] Company Strategy - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [2] - The company reported significant growth in its retail presence, with 8,011 stores in 1,091 county-level cities by the end of fiscal year 2025 [2] - In response to market competition, Starbucks implemented its largest price adjustment in 26 years, reducing prices on key products by an average of 5 yuan, which contributed to revenue growth [2] Market Challenges - Despite the positive results from its expansion strategy, Starbucks faces challenges in penetrating the lower-tier markets, where competitors like Luckin Coffee have a significant presence [3][5] - Data indicates that the majority of coffee shop locations are concentrated in new first-tier and second-tier cities, while brands targeting lower-tier markets have a higher percentage of their stores in those areas [3] - The entry of various tea brands into the coffee market poses additional challenges for Starbucks as it seeks to establish a foothold in non-first and second-tier cities [5] Investment Landscape - The sale of Starbucks' equity in China has attracted interest from over 20 private equity firms, with potential valuations reaching $10 billion [6] - Boyu Capital, founded in 2011, has a strong investment track record in the consumer market, managing a fund size of $10 billion and holding stakes in over 200 companies [7] - Boyu's recent acquisition of a significant stake in Beijing SKP, a leading luxury department store, highlights its strategic investment approach in the evolving Chinese consumer market [8] Industry Transformation - The coffee market in China is undergoing significant changes, with high-end brands like Starbucks needing to adapt to the competitive landscape dominated by local brands [10] - The shift in consumer preferences and market dynamics necessitates a transformation for mid-to-high-end foreign brands, which must navigate the challenges of maintaining their brand identity while appealing to a broader audience [10]

Core Insights - Starbucks China has achieved growth for two consecutive fiscal quarters, marking a new phase in its transformation and development after 26 years in the Chinese market [1][2] - A strategic partnership has been established with Boyu Capital to form a joint venture, with an estimated total value of over $13 billion for Starbucks China's retail business [1][2] Financial Performance - In the fourth quarter of fiscal year 2025, Starbucks reported continuous growth in revenue for the fourth consecutive quarter, with same-store sales showing positive growth for the second quarter [2] - Profit margins have been improving quarter-on-quarter, indicating a robust financial performance [2] Market Strategy - Starbucks China has been actively adapting to local market demands, launching innovative products such as the "True Flavor No Sugar" series and expanding into non-coffee scenarios [2][4] - The company has embraced social trends, such as the "first cup of milk tea in autumn," to engage consumers [2] Product Innovation - The introduction of the "True Flavor No Sugar" system allows consumers to customize sweetness levels without compromising flavor, resulting in over 500 different coffee combinations [7] - New product launches, including the "Roasted Tea Latte," have attracted a significant number of new fans, showcasing Starbucks' commitment to product innovation [5][6] Consumer Engagement - Starbucks has enhanced its afternoon tea offerings, with a price reduction of approximately 5 yuan for non-coffee beverages, leading to a significant increase in sales during this time [5][6] - The "Star Delivery" service has seen record sales, emphasizing quality assurance in delivery and contributing to overall growth [6][12] Community and Experience - The company has partnered with Xiaohongshu to create interest-based community spaces in over 1,800 stores, enhancing customer experience beyond just coffee consumption [11] - Starbucks has expanded its presence in tourist destinations, integrating coffee consumption with cultural experiences [11] Membership and Loyalty - The active membership count has surpassed 25.5 million, reflecting successful engagement strategies and partnerships, such as with China Eastern Airlines [12] Long-term Vision - Starbucks is focused on sustainable high-quality growth, leveraging technology and innovation to enhance customer experience and product development [13][14] - The establishment of the China Innovation Technology Center aims to support long-term growth through data analysis and product innovation [13]

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][2] - The partnership aims to leverage Boyu's local market expertise to accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [1][3] - Starbucks' total retail business value in China is projected to exceed $13 billion, comprising the equity transferred to Boyu, retained equity, and ongoing licensing revenue [1][4] Group 1: Partnership Details - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores in China, with plans to expand to 20,000 stores in the future [1][3] - Starbucks has been exploring strategic partnerships for over a year to enhance its competitive position and drive growth in the challenging Chinese market [2][3] Group 2: Market Context - In 2023, Luckin Coffee surpassed Starbucks in annual sales in China, highlighting the intense competition in the market [2] - Starbucks' CEO emphasized the need to understand the competitive landscape better and explore partnerships to ensure long-term success in China [2][3] Group 3: Financial Performance - For the fourth quarter of fiscal year 2025, Starbucks reported revenue of $9.6 billion, a 5% increase year-over-year, with same-store sales growth of 1% [3][4] - Starbucks China achieved revenue of $831.6 million in the fourth quarter, a 6% year-over-year increase, marking four consecutive quarters of growth [4] Group 4: Boyu Capital Overview - Boyu Capital, founded in 2011, is a leading alternative asset management firm with a diversified investment portfolio across private equity, public markets, infrastructure, and venture capital [5][6] - The firm has a history of successful investments in emerging technology and consumer sectors, including notable companies like Alibaba and NIO [5][6]

Core Viewpoint - Starbucks has entered a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, aiming to accelerate growth in the market, particularly in smaller cities and emerging regions [1][2]. Group 1: Joint Venture Details - The joint venture will see Boyu Capital holding up to 60% equity, while Starbucks retains 40% and continues to own the brand and intellectual property [1]. - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt [1]. - The new joint venture will be headquartered in Shanghai and manage around 8,000 Starbucks stores in China, with plans to expand to 20,000 stores in the future [2]. Group 2: Market Context and Competition - Starbucks is facing intense competition in China, particularly from local brands like Luckin Coffee, which surpassed Starbucks in annual sales in 2023 [2]. - The company has been exploring strategic partnerships for over a year to enhance its competitive position and drive growth in the challenging market environment [2][3]. Group 3: Financial Performance - For the fourth quarter of fiscal year 2025, Starbucks reported revenues of $9.6 billion, a 5% increase year-over-year, with same-store sales growing by 1% [4]. - In China, Starbucks achieved revenues of $831.6 million in the fourth quarter, marking a 6% year-over-year growth, and a total annual revenue of $3.105 billion, up 5% [4]. Group 4: Boyu Capital Overview - Boyu Capital, established in 2011, is a leading alternative asset management firm with a diversified investment portfolio across private equity, public markets, infrastructure, and venture capital [6]. - The firm has a history of successful investments in various sectors, including technology and consumer goods, and has shown strong performance with a historical net internal rate of return (IRR) exceeding 25% [6][7].

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, and Starbucks expects the total value of its retail business in China to exceed $13 billion [1] - The joint venture aims to expand Starbucks' store count in China from 8,000 to 20,000 in the future [1] Company Strategy - The joint venture will be headquartered in Shanghai and will manage the existing Starbucks stores across China [1] - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [1] - The partnership aims to enhance customer experience and employee engagement while driving growth in the Chinese market [1] Market Potential - Boyu Capital recognizes the strong brand image Starbucks has built over 26 years in China and sees opportunities for more innovative and localized experiences for Chinese consumers [1] - Starbucks' current healthy growth momentum in China is expected to be further enhanced by this collaboration, which will also create broader career development opportunities for its employees [1] - The partnership reflects Starbucks' commitment to a new phase of development in the Chinese market [1]

星巴克咖啡公司董事长兼首席执行官倪睿安(Brian Niccol)表示："博裕在本地市场的经验与专长，将有 力加速星巴克在中国市场，特别是中小城市及新兴区域的拓展。我们将和志同道合的合作伙伴一起努 力，携手谱写星巴克在中国发展的全新篇章。" 中新社上海11月4日电 (记者 姜煜)星巴克咖啡公司4日宣布与中国另类资产管理公司博裕投资达成战略 合作，双方将成立合资企业，共同运营星巴克在中国市场的零售业务。 根据协议，博裕投资将持有合资企业至多60%股权，星巴克保留40%股权，并将继续作为星巴克品牌与 知识产权的所有者和授权方，向新成立的合资企业进行授权。 星巴克预计其中国零售业务的总价值将超过130亿美元，总价值由三部分构成：向博裕出让合资企业控 股权益所得、星巴克在合资企业中保留的权益价值，以及未来10年或更长时间内持续支付给星巴克的授 权经营收益。 新成立的合资企业将继续以上海为总部，管理并运营目前遍布中国市场的8000家星巴克门店。秉持共同 的发展愿景，双方将致力于未来将星巴克在中国的门店规模逐步拓展至20000家。 博裕投资合伙人黄宇铮表示："26年来，星巴克与中国顾客建立了深厚的情感联结。我们认同这一品 ...

用喷枪猛火烧下壶，咖啡粉在上壶翻滚，最后用湿毛巾为下壶降温，液体回流。 在云南保山双虹桥边的一家"路边咖啡馆"，53岁的"咖叔"，凭借这套自创的"火烧咖啡"火爆全网。 一天最高卖94壶，有人从浙江跨越2700公里专程打卡，抖音话题播放破千万，连央视财经也跟进报道。 这是什么咖啡新玩法？ 01 央视报道，抖音播放超千万 云南"火烧咖啡"彻底出圈 "这才是真正的咖啡主理人！" "云南人喝咖啡有自己的打开方式！" 最近，如果你刷到这样的内容，大概率已见识过云南保山53岁咖叔的"火烧咖啡"。 图源小红书博主@久了久了就旧了，已获授权 用虹吸壶做咖啡的过程本来就有点像做化学实验，而高窜的火焰又带着扑面而来的烟火气。 这套极具视觉冲击力的操作，让"火烧咖啡"成功出圈，相关话题不仅在抖音上获得超千万播放，小红书上也涌现大量打卡帖： "这才是云南咖啡的诚意""驱车三小时就为这一口"。火烧咖啡的热度一路攀升，连央视财经等媒体也跟进报道。 我了解到，"咖叔"本名李金合，保山芒宽烫习村人。在保山双虹桥旁的公路边卖咖啡已有14年。 图源小红书博主@久了久了就旧了，已获授权 今年一名网友把他做咖啡的视频上传到了网上，意外大火，主要因为 ...

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China, with Starbucks retaining 40% ownership and Boyu holding up to 60% [3][4] - The enterprise value of the joint venture is approximately $4 billion, and Starbucks expects its total retail business value in China to exceed $13 billion, driven by the joint venture and ongoing licensing revenues [4] - The new joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 [4] Financial Performance - Starbucks reported a revenue of $831.6 million for the fourth quarter of its fiscal year, marking a 6% year-over-year increase, with full fiscal year revenue projected to reach $3.105 billion, a 5% increase [5] - Same-store sales in China grew by 2% year-over-year, with transaction volume increasing by 9%, attributed to innovative non-coffee beverages and the growing demand for delivery services [5] Strategic Rationale - The partnership with Boyu Capital is seen as a move to leverage local market expertise for accelerating Starbucks' expansion, particularly in smaller cities and emerging regions [6] - Both parties recognize the strong brand equity Starbucks has built in China and the opportunity to enhance customer experiences through localized offerings [6] Market Context - The competitive bidding process for the joint venture involved over 30 institutions, indicating strong interest and confidence in managing foreign enterprises in China [5] - The trend of foreign companies restructuring their operations in China is gaining traction, with a high probability of successful turnarounds due to the increasing operational capabilities of local buyers [5]

Core Insights - Starbucks has entered into a strategic partnership with Boyu Capital to establish a joint venture for retail operations in the Chinese market [1][2] - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [1] - The total value of Starbucks' retail business in China is expected to exceed $13 billion, comprising the equity transferred to Boyu, Starbucks' retained equity, and ongoing licensing revenue [1] Group 1 - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores across China, with a goal to expand to 20,000 stores in the future [1] - Starbucks' CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate expansion, particularly in smaller cities and emerging regions [2] - Boyu's partner Huang Yuzheng highlighted the opportunity to enhance the brand's local experience while leveraging Starbucks' global leadership in the coffee industry [2] Group 2 - Starbucks' Executive Vice President and CEO for China, Liu Wenjuan, stated that the partnership will unlock significant market potential and enhance career opportunities for employees [2] - Boyu Capital, founded in 2011, has offices in Hong Kong, Beijing, Shanghai, and Singapore, with a portfolio of over 200 companies primarily in consumer retail, technology innovation, healthcare, and renewable energy [3]