Starbucks said on November 3, 2025 it entered an agreement to form a joint venture with Boyu Capital to operate its retail business in China. Boyu Capital will acquire up to 60% interest and Starbucks will retain 40% interest.

1. 01

   Starbucks said on November 3, 2025 it entered an agreement to form a joint venture with Boyu Capital to operate its retail business in China. Boyu Capital will acquire up to 60% interest and Starbucks will retain 40% interest.

2. 02

   The company said it will remain the owner and licensor of the Starbucks global brand following the formation of the joint venture and will continue to license the brand and intellectual property to the new entity.

3. 03

   Starbucks said Boyu will acquire its interest based on a cash-free, debt-free enterprise value of approximately $4 billion. The company expects the total value of its China retail business to exceed $13 billion, composed of proceeds from the sale of a controlling interest in the joint venture, the value of Starbucks retained interest in the joint venture, and the net present value of ongoing licensing economics payable to Starbucks over the next 10 years or more.

4. 04

   Starbucks said the joint venture will be headquartered in Shanghai and will own and operate 8,000 stores today, with a goal to expand to as many as 20,000 locations over time. The company expects to finalize the transaction in Q2 FY2026 after completing required regulatory approvals.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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