Starbucks Furnishes Details on Joint Venture with Boyu Capital for China Operations
Summary
On November 3, 2025, Starbucks Coffee Company announced an agreement to form a joint venture with Boyu Capital to operate Starbucks retail operations in China (via Ex. 99.1). Boyu Capital will acquire up to a 60% interest in the joint venture, with Starbucks retaining a 40% interest and licensing its brand. Boyu's acquisition is based on an enterprise value of approximately $4 billion. Starbucks expects the total value of its China retail business to exceed $13 billion.
Why It Matters
This joint venture with Boyu Capital, based on an approximate $4 billion enterprise value for Boyu's stake, is a significant strategic move to accelerate long-term growth in China, one of Starbucks' most important and fastest-growing markets globally. Investors should note the substantial valuation of Starbucks' China retail business, expected to exceed $13 billion.
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Key Quote
“Under the agreement, Boyu Capital will acquire up to a 60% interest in Starbucks retail operations in China.”
— From Item 7.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0000829224
- Filing Date
- Monday, November 3, 2025
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- positive