Starbucks China JV: Boyu to buy up to 60%, value >$13B

Starbucks announced a plan to form a joint venture with Boyu Capital, under which Boyu will acquire up to a 60% interest in Starbucks’ retail operations in China.

Rhea-AI Filing Summary

Starbucks announced a plan to form a joint venture with Boyu Capital, under which Boyu will acquire up to a 60% interest in Starbucks’ retail operations in China. Starbucks will retain a 40% interest and continue as the owner and licensor of the Starbucks global brand.

Starbucks expects the total value of its China retail business to exceed $13 billion. That figure reflects three components: proceeds from the sale of a controlling interest in the joint venture to Boyu Capital, the value of Starbucks’ retained interest in the joint venture, and the net present value of ongoing licensing economics payable to Starbucks over the next decade or more.

Insights

Equity strategist

Starbucks restructures China retail via JV; implied value >$13B.

Starbucks plans a joint venture with Boyu Capital in China, with Boyu acquiring up to 60% of the retail operations and Starbucks retaining 40%. Starbucks will remain brand owner and licensor, shifting the China retail model toward a partnership structure.

The company states its China retail business is expected to exceed $13 billion in total value, combining sale proceeds, the value of the retained stake, and the net present value of licensing economics over the next decade or more. This framing highlights both near-term transaction value and long-term brand-licensing flows.

Key outcomes will depend on final transaction terms and the performance of the China retail business under the JV. Subsequent disclosures may detail consideration, closing conditions, and timing.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SBUX announce regarding its China business?

Starbucks plans a joint venture with Boyu Capital, under which Boyu will acquire up to a 60% interest in Starbucks’ China retail operations.

How much of the China retail business will Starbucks retain (SBUX)?

Starbucks will retain a 40% interest and remain the owner and licensor of the Starbucks global brand.

What value does SBUX expect for its China retail business?

Starbucks expects the total value to exceed $13 billion.

What components make up the >$13B value for SBUX China?

It includes proceeds from the sale, the value of the retained interest, and the net present value of licensing economics over the next decade or more.

What role will Starbucks play in the China joint venture?

Starbucks will serve as the owner and licensor of the Starbucks global brand.

Where can I find more details on the SBUX announcement?

A press release dated November 3, 2025 is furnished as Exhibit 99.1.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/03/2025 - 05:00 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2025

Starbucks Corporation

(Exact name of registrant as specified in its charter)

Washington			000-20322			91-1325671
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

2401 Utah Avenue South, Seattle, Washington 98134

(Address of principal executive offices) (Zip Code)

(206) 447-1575

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title			Trading Symbol			Name of each exchange on which registered
Common Stock, par value $0.001 per share			SBUX			Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    o

Item 7.01    Regulation FD Disclosure.

On November 3, 2025, Starbucks announced it has entered an agreement to form a joint venture with Boyu Capital. Under the agreement, Boyu Capital will acquire up to a 60% interest in Starbucks retail operations in China. Starbucks will retain 40% interest and will serve as the owner and licensor of the Starbucks global brand. Starbucks expects the total value of its China retail business to exceed $13 billion, composed of three sources: proceeds from the sale of a controlling interest in the joint venture to Boyu Capital, the value of Starbucks retained interest in the joint venture, and the net present value of ongoing licensing economics payable to Starbucks over the next decade or more.

A copy of the press release issued is furnished as Exhibit 99.1 to this Form 8-K.

The information contained in Item 7.01 of this report, including the information in Exhibit 99.1, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, the information in Item 7.01 of this report, including the information in Exhibit 99.1 attached to this report, shall not be deemed to be incorporated by reference in the filings of Starbucks Corporation under the Securities Act of 1933, as amended.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release, dated November 3, 2025
104						Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STARBUCKS CORPORATION

Dated:

November 3, 2025

By:

/s/ Joshua C. Gaul

Joshua C. Gaul

vice president, assistant general counsel and corporate secretary