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]

这一重大决定标志着星巴克进入中国26年来，首次出让中国业务的控股权。面对瑞幸等本土品牌的强势竞争，星巴克试图通过联手本土投资机构，重振在 中国市场的增长势头。 星巴克出让中国市场控股权 【导读】博裕资本在星巴克中国股权竞买中胜出，至多持有合资公司60%股权 星巴克今日早间正式宣布，其与中国领先的另类资产管理公司博裕资本达成协议，将在中国成立合资企业，共同运营其在中国市场的零售业务。 根据协议，博裕资本持有合资企业至多60%的股权，星巴克保留40%股权，交易基于约40亿美元的无现金、无债务企业估值。 据了解，这场股权出售吸引了超20家投资机构的激烈角逐，包括高瓴资本、凯雷、KKR等。甚至有消息称，瑞幸咖啡的控股股东大钲资本也出现在竞购 名单中。最终，博裕资本在众多竞争者中脱颖而出。 公开资料显示，博裕资本在消费和零售领域有着丰富的投资经验。这家成立于2011年的私募股权公司，业务涵盖消费零售、科技创新、医疗健康及新能源 领域等。博裕资本在消费品领域的投资案例包括极兔快递、网易云音乐、汽车之家、爱奇艺、华润饮料等。 今年，博裕资本在餐饮领域最受关注的投资之一是入股蜜雪冰城。博裕资本出资4000万美元认购基石股份， ...

Core Viewpoint - Starbucks has entered into an agreement with Boyu Capital to establish a joint venture in China, marking the first time in 26 years that Starbucks has relinquished control of its Chinese operations, aiming to revitalize growth amid strong competition from local brands like Luckin Coffee [4][10]. Group 1: Joint Venture Details - Boyu Capital will hold up to 60% of the joint venture, while Starbucks retains 40%, with the transaction based on a valuation of approximately $4 billion [2][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 [7][6]. - Starbucks expects the total value of its retail business in China to exceed $13 billion, which includes the value of the equity retained in the joint venture and ongoing licensing revenue [7][6]. Group 2: Market Context and Challenges - Starbucks faces intense competition from local brands, particularly Luckin Coffee, which has over 24,000 stores compared to Starbucks' 8,000 [13]. - Despite the competitive landscape, Starbucks reported a 6% year-over-year increase in revenue for the fourth quarter of fiscal year 2025, reaching $831.6 million [14]. - The company has adjusted its strategy to include price reductions and localized menu offerings, although its prices remain higher than those of competitors like Luckin [14][12]. Group 3: Strategic Implications - The partnership with Boyu Capital is seen as a move towards deeper localization of Starbucks' strategy in the increasingly competitive Chinese coffee market [15]. - Starbucks has accelerated its expansion into lower-tier markets, with a significant increase in new store openings in county-level markets, reflecting a shift in focus to these areas [14][12].

享誉全球的世界级品牌与深厚的本地经验和专长相结合，将助力星巴克深入拓展中国新兴市场，持续为 顾客提供高端咖啡体验，继续引领咖啡行业发展。 （2025年11月4日，中国上海）今天，星巴克咖啡公司宣布与中国领先的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。此次里程碑式的合作，不 仅将开启星巴克中国转型与发展的全新篇章，更彰显了星巴克加速拓展中国这一快速增长的全球核心市 场的坚定承诺。 深耕中国市场26年来，星巴克始终坚持与当地社区深度融合，与美好中国同行共生。星巴克与博裕的战 略合作，将为这一商业增长与社会责任共生共荣的独特征程开启又一全新的起点。 自1971年起，星巴克咖啡公司始终致力于道德采购并烘焙高质量的阿拉比卡咖啡。当前，公司在世界各 地拥有超40,000家门店，是全球领先的专业咖啡烘焙商和零售商。星巴克始终坚持对卓越品质和服务的 承诺，遵循我们的指导原则，通过每一杯优质的咖啡为顾客带来独特的星巴克体验。欢迎您到访我们的 门店，访问星巴克中国官方网站 www.starbucks.com.cn, 或关注星巴克中国新浪官方微博@星巴克中国， 和星巴克中国官方 ...

Core Viewpoint - Starbucks has entered a strategic partnership with Boyu Capital to establish a joint venture for retail operations in China, aiming to expand its market presence significantly. 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 and license its brand and intellectual property [5][6] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks estimating its total retail business value in China to exceed $13 billion [5][6] - The new joint venture will be headquartered in Shanghai and manage around 8,000 existing Starbucks stores in China, with plans to expand to 20,000 stores in the future [6] Group 2: Strategic Intent and Market Insights - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' growth in China, particularly in smaller cities and emerging regions [6] - Boyu Capital's partner, Huang Yuzheng, highlighted the opportunity to innovate and localize the Starbucks experience for Chinese consumers, leveraging the brand's strong market presence [6] - Starbucks' China CEO, Liu Wenjuan, stated that this partnership will unlock significant market potential and enhance the coffee experience for Chinese customers [6] Group 3: North America Operations - In contrast, Starbucks plans to close about 1% of its stores in the U.S. and Canada, reducing the total number to approximately 18,300 by the end of the fiscal year [7][8] - The closures are part of a new strategic plan aimed at revitalizing performance, as sales have declined for six consecutive quarters [8] - The closures will primarily affect stores that only offer takeout, as the company shifts focus towards providing a comfortable dine-in experience [8]

Core Viewpoint - Starbucks has finalized a strategic partnership with Chinese alternative asset management firm 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][3][4]. Group 1: Joint Venture Details - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores across China, with plans to expand to 20,000 stores in the future [3]. - The deal values Starbucks' retail business in China at over $13 billion, which includes the equity transferred to Boyu, the retained equity value, and future royalty income [1][4]. - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [3]. Group 2: Financial Performance - For the fiscal year ending September 28, 2025, Starbucks China reported a revenue increase of 6% to $831.6 million, with a total annual revenue growth of 5% to $3.105 billion [6]. - The operating profit margin for Starbucks China has remained in double digits, with profits and margins improving for four consecutive quarters [6]. - Same-store sales in China grew by 2%, with transaction volume increasing by 9%, although the average ticket price declined by 7% [9]. Group 3: Market Position and Competition - Starbucks faces increasing competition from local brands like Luckin Coffee, which reported a 47.1% revenue growth in Q2, significantly outpacing Starbucks [11]. - Luckin Coffee has expanded its store count to 26,206, creating a substantial gap in market presence compared to Starbucks [12]. - The competitive landscape indicates that Starbucks is losing its previous dominant position in the Chinese market, necessitating a shift towards localization and partnership with local firms [11][13]. Group 4: Strategic Changes - Starbucks is implementing price adjustments and promotional activities to drive sales, including a price reduction on key products [7][8]. - The company is also enhancing its delivery services, which have seen record sales, contributing to overall revenue growth [8]. - The shift towards a more localized operational approach is seen as essential for Starbucks to maintain its brand identity while adapting to the Chinese market [10][13].

Core Viewpoint - Starbucks has entered 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]. Group 1: Joint Venture Details - The joint venture will be headquartered in Shanghai and will manage approximately 8,000 Starbucks stores across China, with plans to expand to 20,000 stores in the future [2]. - The deal values Starbucks' retail business in China at over $13 billion, which includes the equity transferred to Boyu, the retained equity value, and future royalty income [1][4]. Group 2: Market Position and Growth Potential - Starbucks' CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion, particularly in smaller cities and emerging regions [3]. - Boyu's partner highlighted the strong brand image Starbucks has built in China and the opportunities for more localized experiences [3]. Group 3: Financial Performance - For the fourth quarter of fiscal year 2025, Starbucks China reported a revenue increase of 6% to $831.6 million, with a full-year revenue growth of 5% to $3.105 billion [5]. - The operating profit margin for Starbucks China has remained in double digits, with profits and margins improving for four consecutive quarters [5]. Group 4: Competitive Landscape - Starbucks faces increasing competition from local brands like Luckin Coffee, which reported a 47.1% revenue growth in Q2, significantly outpacing Starbucks [9]. - Luckin Coffee has expanded its store count to 26,206, creating a substantial gap in market presence compared to Starbucks [9]. Group 5: Localization Efforts - Starbucks is shifting towards a more localized operational model, allowing its Chinese team greater autonomy in decision-making [6][10]. - The company has also engaged in partnerships with local platforms like Xiaohongshu and integrated its membership system with Eastern Airlines [6]. Group 6: Cultural Considerations - The challenge for Starbucks lies in maintaining its core cultural values while adapting to the Chinese market, as the company has historically emphasized a customer-centric service culture [10].

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, marking a significant shift in its strategy after 26 years in the market [1] - The joint venture will see Boyu Capital holding up to 60% of the equity, while Starbucks retains 40% and continues to own the brand and intellectual property [1] - The estimated enterprise value of the transaction is around $4 billion, with Starbucks' retail business in China valued at over $13 billion [1] Group 1: Partnership Details - The joint venture will be headquartered in Shanghai and aims to expand Starbucks' store count in China to 20,000 in the long term [1] - Boyu Capital, founded in 2011, manages over 34.5 billion RMB and has a historical annualized return exceeding 25%, significantly above the industry average in Asia [2] - Boyu has a diversified investment portfolio, focusing on private equity, strategic allocations in listed companies, and sectors like technology, retail, and healthcare [2] Group 2: Market Context - The Chinese coffee market is undergoing structural changes, with the ready-to-drink coffee market exceeding 280 billion RMB and the affordable coffee segment growing at 42% [4] - Starbucks' same-store sales in China declined by 1% in FY2025, despite a 4% increase in transaction volume, indicating pressure from lower-priced competitors [4] - Luckin Coffee leads the market with 27,152 stores, significantly outpacing Starbucks, which has 8,011 stores as of September 2025 [4] Group 3: Strategic Goals - The partnership aims to leverage Boyu's local market expertise to accelerate Starbucks' expansion in smaller cities and emerging regions [5] - Starbucks plans to enhance product localization, digital transformation, and market expansion as part of the joint venture's strategy [6] - The collaboration is seen as a strategic upgrade rather than a relinquishment of control, with Starbucks maintaining brand ownership and operational standards [7] Group 4: Long-term Commitment - Starbucks has been committed to integrating with local communities in China, focusing on supply chain localization and product innovation [8] - The partnership with Boyu is expected to enhance Starbucks' influence in the Chinese coffee market and provide consumers with a richer coffee experience [8]

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China [1][3] - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% equity and continues to own and license its brand and intellectual property [3] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks' retail business in China expected to exceed $13 billion in total value [3] Group 1 - The joint venture will be headquartered in Shanghai, with plans to expand Starbucks' store count in China to 20,000 [3] - Boyu Capital, founded in 2011, is an alternative asset management firm with a diversified investment platform covering private equity, public markets, infrastructure, and venture capital [3] - Boyu Capital's partner, Huang Yuzheng, emphasized the collaboration aims to leverage Starbucks' global leadership in the coffee industry and Boyu's local market insights to accelerate growth [3] Group 2 - Starbucks' Executive Vice President and CEO for China, Liu Wenjuan, stated that the partnership will help unlock significant market potential [3]

Core Viewpoint - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [2] Group 1: Joint Venture Details - The joint venture will be based on an enterprise value of approximately $4 billion, excluding cash and debt, allowing Boyu to acquire its corresponding equity [2] - Starbucks anticipates that the total value of its retail business in China will exceed $13 billion, which comprises three components: the equity stake sold to Boyu, the retained equity value in the joint venture, and ongoing royalty income over the next decade or longer [2] Group 2: Future Expansion Plans - The new joint venture will be headquartered in Shanghai, with plans to gradually expand Starbucks' store count in China to 20,000 locations [2] Group 3: Company Background - Boyu Capital, founded in 2011, is an alternative asset management firm focused on the Chinese market with a global reach, managing a diversified investment platform that includes private equity, public markets, infrastructure, and venture capital [2] Group 4: Leadership Statements - Boyu Capital partner Huang Yuzheng emphasized the collaboration will merge Starbucks' global leadership in the coffee industry with Boyu's deep local market insights to accelerate growth and enhance the coffee experience for Chinese consumers [2] - Starbucks Executive Vice President and CEO for China, Liu Wenjuan, stated that the partnership will further unlock significant market potential [2]