Boyu Capital has completed its joint venture with Starbucks, acquiring a 60% stake in the company’s China retail operations, marking one of the largest consumer growth opportunities in the region.

The transaction gives Boyu majority ownership of a platform comprising approximately 8,000 coffeehouses, with plans to expand the footprint to as many as 20,000 locations over time.

Starbucks retains a 40% stake in the joint venture and continues to own and license its brand and intellectual property, maintaining strategic alignment while enabling accelerated local expansion.

“We are proud to support Starbucks next chapter of growth in China and look forward to working together to expand the brand’s presence and relevance over the long term,” said Alex Wong, Partner at Boyu Capital.

The partnership is designed to combine Starbucks’ global brand with Boyu’s local expertise, supporting faster expansion, improved operational efficiency, and deeper market penetration.

The move underscores private equity’s increasing role in scaling consumer platforms in Asia, particularly through partnerships that balance global brand strength with local execution capabilities.

China remains a key growth market for Starbucks, with the joint venture expected to enhance localisation, digital engagement, and in-store experience.

With the transaction now complete, the joint venture will focus on expanding into new cities, enhancing product offerings, and strengthening customer engagement across China’s evolving consumer landscape.

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