Starbucks, Boyu Capital finalize JV to accelerate growth in China

Starbucks (SBUX) Coffee “announced the official closing of its previously announced joint venture with Boyu Capital, marking a significant milestone in the company’s long-term strategy to unlock sustainable, disciplined growth in China. The transaction finalizes the intent Starbucks shared in November of 2025 and reflects the company’s continued confidence in China as a critical growth market. The joint venture is designed to enhance Starbucks ability to expand its footprint, deepen local relevance, and elevate the customer experience while maintaining the integrity of its brand and values. Under the terms of the agreement, funds managed by Boyu Capital now hold a 60 percent stake in Starbucks China retail operations, while Starbucks retains a 40 percent ownership interest and continues to own and license the brand and intellectual property to the joint venture. The joint venture oversees approximately 8,000 company-operated coffeehouses today, which will transition to a licensed operating model, with a shared long-term aspiration to grow to as many as 20,000 locations over time. With the transaction now complete, Starbucks and Boyu will transition into the operational phase of the joint venture, focused on expansion, innovation, and delivering exceptional coffee and welcoming experiences to customers across China.”