According to Reuters, Starbucks is considering selling a majority stake in its Japan business in a deal that could value the operation at around $3 billion, as the coffee giant reviews its international portfolio under CEO Brian Niccol.

The company has sought proposals from several financial advisers on strategic options for the operation, sources speaking to reporters said, although the size of any potential stake sale has yet to be determined. The eventual valuation would also be subject to negotiations.

Starbucks Japan could be valued at approximately $3 billion. A formal sale process could begin as early as the fourth quarter, with the business expected to attract interest from both global and Japanese private equity firms, one of the sources said.

Japan is Starbucks' largest overseas company-operated market, with 1,883 stores as of September 2025. The network represents almost 9% of Starbucks' global store footprint.

The business has expanded substantially since Starbucks acquired full ownership in 2014. The company paid approximately $914 million to buy out its long-time Japanese partner, Sazaby League, at a valuation of around $1.5 billion.

At the time of the acquisition, Starbucks Japan operated approximately 1,050 stores. Its network has since grown to nearly 1,900 locations.

The potential Japan transaction comes as Starbucks undertakes a broader restructuring of its business under CEO Brian Niccol.

Last year, the company agreed to sell control of its China operations to Boyu Capital in a transaction valuing the business at approximately $4 billion. The deal closed in April.

Starbucks said the overall value of its China business, including proceeds from the transaction, the value of its retained stake and anticipated licensing income over at least the following decade, would exceed $13 billion.

It remains unclear whether a potential Japan transaction would use a similar structure.