Overview
- Boyu Capital will hold up to 60% of a new venture operating Starbucks’ China retail business, with Starbucks retaining 40% and licensing the brand and intellectual property.
- Starbucks estimates the total value of its China retail business at more than $13 billion when including sale proceeds, its retained stake, and future royalties.
- The venture will manage roughly 8,000 stores in China with an ambition to grow the footprint to as many as 20,000 locations over time.
- Closing is targeted for the second quarter of Starbucks’ fiscal 2026, subject to required regulatory approvals.
- The partnership follows steep market-share declines as lower-priced rivals such as Luckin and Cotti expanded, after a formal partner search begun in May 2025 with Goldman Sachs advising.