Starbucks China officially enters the joint venture era, with 8,000 company-operated stores converted to franchising

National Business Daily Reporter: Ding Zhouyang National Business Daily Editor: Wei Guanhong

On April 2, Starbucks Corporation (Nasdaq: SBUX) announced that its strategic partnership with Boyu Investment has been officially completed. This deal implements the cooperation intention for the partnership that Starbucks Global expressed in November 2025. Under the terms of the agreement, funds managed by Boyu Investment Management’s funds currently hold a 60% stake in Starbucks China’s retail business, Starbucks Global retains 40% equity, and it will continue to be the owner and licensor of the Starbucks brand and intellectual property rights, licensing them to the newly established joint venture. In the Chinese mainland market, approximately 8,000 Starbucks company-owned stores will be converted to a franchise model, operated and managed by the joint venture. The shared long-term vision of both parties is to gradually expand the number of China stores to 20,000 in the future. Boyu Investment is an asset management company deeply rooted in China, and has previously invested in Beijing SKP, Mixue Bingcheng, Meituan, and others.

“China’s market is full of vitality and holds tremendous development opportunities. By joining forces with Boyu, Starbucks will accelerate our ability to achieve orderly and steady growth in the Chinese market. Combining Starbucks’ globally renowned brand influence with Boyu’s deep understanding of the Chinese market, both sides will serve more Chinese customers with first-class coffee experiences, expand into more emerging cities, and continue to lead the development of the coffee industry in China’s dynamic and rapidly developing market,” said Ni Rui’an (Brian Niccol), Chairman of the Board and CEO of Starbucks Corporation.

“Starbucks has successfully shaped an iconic brand image in China and forged a deep connection with Chinese consumers. We are honored to participate in and support Starbucks’ next phase of growth in the Chinese market, and we look forward to further enhancing the brand’s long-term influence and localized experience through sincere cooperation,” said Huang Yuzheng, Partner at Boyu Investment.

As the transaction has been officially completed, Starbucks China has entered the operational stage of the joint venture.

Daily Economic News