News Brief
Summary
Starbucks forms a joint venture with Boyu Capital to operate its China business, with Boyu holding a 60% controlling stake and Starbucks retaining 40%. This move aims to revitalize its performance in a market where sales have recently declined.
Key Points
- Joint Venture Structure: Boyu Capital holds up to 60% stake; Starbucks retains 40% and continues to license its brand and IP.
- Deal Valuation: The joint venture transaction is valued at approximately $4 billion, with Starbucks’ overall China business valued over $13 billion.
- Market Context: Starbucks China sales dropped due to pandemic restrictions and intense competition from rivals like Luckin Coffee.
- Recent Performance: Q4 same-store sales in China rose 2%, driven by increased customer traffic, but average ticket size fell due to discounting.
- Future Ambitions: Starbucks aims to expand from ~8,000 stores in China to potentially 20,000-30,000 locations long-term.
- Industry Trend: This reflects a broader pattern where some Western brands (e.g., Burger King) restructure China operations, while others (e.g., McDonald’s) increase their stakes.
新闻简报
总结
星巴克与博裕资本成立合资企业，以运营其在华业务。博裕资本持有60%的控股权，星巴克保留40%的股份。此举旨在重振其在中国市场近期表现不佳的业务。
关键点
- 合资结构： 博裕资本持股高达60%；星巴克保留40%股份，并继续向其授权品牌和知识产权。
- 交易估值： 合资交易价值约40亿美元，星巴克中国整体业务估值超过130亿美元。
- 市场背景： 星巴克在华销售额因疫情限制和来自瑞幸咖啡等对手的激烈竞争而下降。
- 近期表现： 中国区第四财季同店销售额增长2%，由客流量增长9%推动，但平均客单价因折扣促销而下降。
- 未来目标： 星巴克计划将其在中国约8000家门店长期扩展到可能达2万至3万家。
- 行业趋势： 这反映了更广泛的模式：一些西方品牌（如汉堡王）重组在华业务，而其他品牌（如麦当劳）则增持股份。
Original Article Link: https://www.cnbc.com/2025/11/03/starbucks-boyu-capital-china.html