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SEC filingStarbucks Corporation completed its previously announced joint venture with Boyu Capital on April 2, 2026, transferring a 60% stake in its China retail operations to Boyu while retaining a 40% interest and ownership of the global brand.
Starbucks Corporation has finalized a significant strategic transaction by completing its joint venture with Boyu Capital, marking a pivotal shift in its China market approach. The transaction, originally announced in November 2025, transfers majority control of Starbucks' China retail operations to Boyu Capital while allowing Starbucks to maintain brand ownership and licensing rights. This structure positions Starbucks to leverage Boyu's local expertise for accelerated expansion while preserving the integrity of its global brand. The joint venture begins with approximately 8,000 company-operated stores transitioning to a licensed model, with ambitious long-term growth targets aiming for up to 20,000 locations across China. Management emphasizes this partnership will enable more disciplined, efficient expansion while maintaining the Starbucks experience, reflecting continued confidence in China as a critical growth market despite evolving competitive dynamics. The operational phase now focuses on expansion, innovation, and enhancing customer experiences across diverse Chinese communities.