有媒体报道，本次KDP交易的"推手"，就是在两家公司都持股的JAB Holdings。 2017年，皮爷咖啡进入中国市场，在上海开了首店之后，其门店数量一直在稳步增长。根据窄门餐眼数 据显示，目前拥有 268 家门店，约 90% 集中于一线和新一线城市。 母公司 JDE Peet's 2024 年报显示，皮爷中国有机销售额强劲增长，调整后的息税前利润（EBIT）有机 增长 23.8%，拉动母公司全球销售额达 88.37 亿欧元，同比增长 7.9%， 8月25日，据经济观察报，美国饮料巨头Keurig Dr Pepper与皮爷咖啡母公司JDE Peet's宣布达成最终协 议，KDP将以全现金交易方式收购JDE Peet's。 根据交易条款，KDP将以每股31.85欧元现金向JDE Peet's股东支付对价，总股权对价达157亿欧元。JDE Peet's还将在交割前派发先前宣布的每股0.36欧元股息，且要约价格不作扣减。要约收购的启动及对JDE Peet's的收购交割预计将于2026年上半年完成。 收购完成后，KDP计划分拆成两家独立的、在美国上市的上市公司，Tim Cofer将出任Beverage Co.首席 ...

Core Viewpoint - Peet's Coffee, referred to as "Starbucks' ancestor," is facing significant challenges in the Chinese market, with recent store closures indicating a struggle to maintain its position amidst increasing competition and changing consumer preferences [8][9]. Group 1: Company Performance - Peet's Coffee has over 260 stores in China, aligning with its "premium coffee" positioning, but its expansion has slowed significantly, with new store openings dropping from 98 in 2023 to just 16 in the first half of 2025 [13]. - Despite a strong increase in organic sales and a 23.8% growth in adjusted EBIT for Peet's Coffee in 2024, the company is experiencing anxiety over its market position, leading to the introduction of a low-cost sub-brand and a "consumption upon seating" policy to optimize resource utilization [13][16]. - The overall performance of Peet's Coffee reflects a broader trend of premium coffee brands facing operational challenges and market pressures, as evidenced by the struggles of competitors like Seesaw and M Stand [17][22]. Group 2: Market Trends - The premium coffee market in China is undergoing a significant adjustment, with growth rates expected to decline from 25% in 2023 to 12% by 2025, contrasting with a global growth forecast of 9.2% CAGR until 2028 [25]. - The competitive landscape is intensifying, with a surge in new coffee-related business registrations, indicating a saturated market that is increasingly challenging for premium brands [31]. - Consumer behavior is shifting towards value-driven choices, with 80% of coffee consumers prioritizing price, leading to a decline in average transaction values for premium coffee [38]. Group 3: Strategic Challenges - Premium coffee brands are caught in a "middle ground," struggling to appeal to both niche consumers seeking unique experiences and mainstream consumers looking for affordability [41]. - The internal cost structure of premium coffee brands is under pressure due to rising rent and coffee bean prices, compounded by aggressive price competition from lower-cost coffee brands [29][30]. - The need for premium coffee brands to redefine their market positioning and adapt to evolving consumer preferences is critical for survival in a rapidly changing industry landscape [41].

01、精品咖啡关店潮，行业洗牌加速 皮爷咖啡华南首店的关闭，无疑给精品咖啡市场投下了一颗重磅炸弹。这家位于深圳万象天地、开业近4年的门店，曾是皮爷咖啡在华南市场的标杆之 作。然而，随着租约到期，皮爷咖啡选择撤店，将位置让给了新茶饮品牌OT另茶。这一变动，不仅标志着皮爷咖啡在华南市场的收缩，也折射出精品咖 啡行业当前的困境。 近日，被誉为"星巴克祖师爷"的皮爷咖啡华南首店关闭，引发行业热议。在咖啡市场内卷加剧、价格战持续升级的背景下，精品咖啡品牌正面临前所未有 的挑战。从关店潮到战略调整，从高端定位到下沉市场探索，精品咖啡的未来究竟路在何方？ 事实上，皮爷咖啡的关店并非个例。根据窄门餐眼数据显示，截至7月15日，全国咖啡门店数量为22.8万家，近一年新开业6.8万家，同时也有5.2万家咖啡 店悄然关门。这一数据背后，是咖啡市场日益激烈的内卷竞争。 以精品咖啡代表SeeSaw为例，该品牌曾一度风光无限，门店数量达到160家。然而，近年来，SeeSaw却深陷关店、裁员、欠薪的泥沼，门店数量锐减至不 到50家。同样，M Stand也面临多家门店关闭的困境，武汉武商Mall的首店被网红茶饮品牌裕莲茶楼取代，武汉光谷大悦 ...