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Starbucks has completed its previously announced joint venture with Boyu Capital, advancing its long-term growth strategy in China.
The deal, first outlined in November 2025, sees funds managed by Boyu Capital acquire a 60% stake in Starbucks’ China retail operations. Starbucks retains a 40% interest and continues to own and license its brand and intellectual property to the joint venture.
The new entity will oversee around 8,000 company-operated stores, which will transition to a licensed operating model. The partners have set a long-term ambition to expand the network to up to 20,000 locations.
Brian Niccol, chairman and CEO of Starbucks, said: “China remains one of the most exciting long-term opportunities for Starbucks, and finalising this partnership with Boyu accelerates our ability to grow with intention and discipline".
"By combining Starbucks trusted global brand with Boyu’s deep local expertise, we are positioning the business to serve more customers, enter more cities and strengthen our leadership in a dynamic and evolving market.”
Molly Liu, CEO of Starbucks China, said the joint venture would support greater localisation, including tailored beverages, food and digital engagement. Meanwhile, Brady Brewer, CEO of Starbucks International, added that the model is designed to accelerate expansion and improve efficiency.
With the transaction now closed, the joint venture will move into its operational phase, focusing on expansion and innovation across the market.
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