Starbucks eyes 20,000 China stores as Boyu Capital takes majority stake

Starbucks retains 40% ownership and continues to own and license its brand.

Starbucks Coffee Company has announced the official closing of its previously disclosed joint venture with Boyu Capital.

The deal, first outlined in November 2025, underscores Starbucks’ continued confidence in China as a major growth market.

The partnership aims to expand the company’s presence, strengthen local relevance, and enhance customer experience whilst preserving its global brand identity.

Under the agreement, Boyu Capital-managed funds have acquired a 60% stake in Starbucks’ China retail operations, whilst Starbucks retains 40% ownership.

The company will continue to own and license its brand and intellectual property to the joint venture.

The new entity will oversee approximately 8,000 company-operated stores, which will transition into a licensed model. Both parties share a long-term goal of expanding the footprint to as many as 20,000 locations across China.

“China remains one of the most exciting long-term opportunities for Starbucks, and finalizing this partnership with Boyu accelerates our ability to grow with intention and discipline,” said Brian Niccol, chairman and chief executive officer, Starbucks Coffee Company.

Molly Liu, chief executive officer of Starbucks China, noted the company’s commitment to localisation, highlighting plans to deliver tailored products, digital engagement, and store experiences suited to diverse Chinese markets.

Meanwhile, Brady Brewer, CEO of Starbucks International, said the partnership will enable faster expansion and improved efficiency. “With Boyu as our partner, we have an operating model designed to accelerate expansion, enhance profitability, and deliver the Starbucks experience to more communities across China.”

Alex Wong, partner at Boyu Capital, noted the strength of Starbucks’ brand in China and expressed confidence in the joint venture’s ability to expand its market presence over the long term.

With the deal complete, Starbucks and Boyu will begin expanding and operating the joint venture across the country.