Starbucks Coffee Company Partners Boyu Capital to Boost China Growth

Starbucks Coffee Company has officially closed its previously announced joint venture with Boyu Capital, marking a major step in its long-term growth strategy in China. 

The deal, first outlined in November 2025, underscores Starbucks continued confidence in China as a key global market.

Under the agreement, funds managed by Boyu Capital will hold a 60% stake in Starbucks China’s retail operations, while Starbucks retains a 40% share. 

The company will continue to own and license its brand and intellectual property to the joint venture. The partnership will oversee around 8,000 existing company-operated stores, which will transition into a licensed model, with ambitions to scale up to 20,000 outlets over time.

“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 CEO, Starbucks Coffee Company. 

By combining Starbucks global brand strength with Boyu’s local expertise, the company aims to reach more customers and strengthen its market leadership.

“We’re thrilled to embark on an exciting new growth chapter for Starbucks China, and look forward to unlocking the significant growth opportunities by driving hyper-localization - offering relevant, premium handcrafted beverages, food and merchandise, along with digital engagement and an in-store environment that serves the evolving needs of diverse communities across China,” said Molly Liu, CEO, Starbucks China.

Founded in 1971, Starbucks today operates over 41,000 stores globally. With this joint venture, the company is entering a new operational phase in China, focused on expansion, innovation, and delivering a more locally relevant customer experience while maintaining its global brand identity.