Starbucks (NASDAQ: SBUX) finalizes China growth joint venture
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Starbucks Corporation has completed its previously announced joint venture with Boyu Capital for its China retail operations. Funds managed by Boyu Capital now hold a 60 percent stake in Starbucks China retail, while Starbucks retains a 40 percent ownership interest and continues to own and license the Starbucks brand and intellectual property to the venture.
The joint venture currently oversees approximately 8,000 company-operated coffeehouses in China, which will move to a licensed operating model, with a long-term aspiration to reach as many as 20,000 locations. Starbucks describes China as one of its most important global markets and sees the partnership as a way to expand its footprint, deepen local relevance, and enhance profitability over time.
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Insights
Starbucks shifts China retail into a 60/40 joint venture structure.
Starbucks has closed a joint venture with Boyu Capital, transferring a 60 percent stake in its China retail operations while retaining 40 percent and full brand and IP ownership. Roughly 8,000 Chinese coffeehouses will shift from company-operated to a licensed operating model.
This structure emphasizes China as a critical growth market while reducing direct operating exposure. Management highlights goals to expand to as many as 20,000 locations, pursue hyper-localized offerings, and improve speed and efficiency in expansion, supported by Boyu’s local expertise.
Future performance will hinge on how effectively the joint venture executes expansion, enhances profitability, and maintains the Starbucks experience in China. Subsequent company reports may shed light on revenue contribution, cash flows from the venture, and progress toward the long-term store-count aspiration.
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, and exhibit attachments filed with this report.
Key Figures
Boyu stake in Starbucks China retail: 60 percent
Starbucks stake in Starbucks China retail: 40 percent
Current Starbucks China coffeehouses: approximately 8,000 coffeehouses
+3 more
6 metrics
Boyu stake in Starbucks China retail
60 percent
Ownership interest in Starbucks China retail operations after joint venture closing
Starbucks stake in Starbucks China retail
40 percent
Ownership interest retained by Starbucks in China retail joint venture
Current Starbucks China coffeehouses
approximately 8,000 coffeehouses
Company-operated China stores overseen by the joint venture at closing
Long-term China store aspiration
as many as 20,000 locations
Stated long-term aspiration for Starbucks locations in China
Global Starbucks store footprint
more than 41,000 coffeehouses
Global company-operated and licensed stores across Starbucks footprint
Boyu portfolio companies
over 200 portfolio companies
Scale of Boyu Capital’s investment platform globally
Key Terms
joint venture, licensed operating model, hyper-localization, forward-looking statements, +1 more
5 terms
joint venture financial
"announced the official closing of its previously announced joint venture with Boyu Capital"
A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.
licensed operating model financial
"coffeehouses today, which will transition to a licensed operating model"
A licensed operating model is when a business runs its product, service or technology under permission from another party—such as a regulator, patent holder or brand owner—rather than owning the underlying rights itself. Think of it like operating a restaurant using someone else’s recipe and brand: the license lets you trade and earn revenue but comes with fees, rules and time limits. Investors care because those fees, contractual limits, renewal risk and compliance obligations directly affect profit margins, growth potential and the stability of future cash flows.
hyper-localization financial
"unlocking the significant growth opportunities by driving hyper-localization - offering relevant, premium handcrafted beverages"
forward-looking statements regulatory
"Certain statements contained herein, including statements relating to our plans and expectations for the joint venture with Boyu Capital, are “forward-looking” statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Risk Factors regulatory
"those risks described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections"
Risk factors are elements or conditions that could cause an investment's value to decrease or lead to potential losses. They are like warning signs or obstacles that can affect the success of an investment, making it uncertain or more unpredictable. Recognizing risk factors helps investors understand the possible challenges and make more informed decisions.
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): April 2, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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 | ||||||
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.
As previously disclosed on November 3, 2025, Starbucks entered an agreement to form a joint venture with Boyu Capital. On April 2, 2026, Starbucks announced that, following the satisfaction of all necessary closing conditions, it completed the transaction. Pursuant to the transaction, funds managed by Boyu Capital have acquired a 60% interest in Starbucks retail operations in China. Starbucks retains a 40% interest and will serve as the owner and licensor of the Starbucks global brand.
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 April 2, 2026 | |||||||
| 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: | April 2, 2026 | |||||||||||||
| By: | /s/ Joshua C. Gaul | |||||||||||||
| Joshua C. Gaul | ||||||||||||||
| vice president, assistant general counsel and corporate secretary | ||||||||||||||
Exhibit 99.1
Starbucks and Boyu Capital Finalize Joint Venture to Accelerate Long Term Growth in China
Deal closing supports disciplined expansion across one of Starbucks most important global markets
SEATTLE – April 2, 2026 – Starbucks Coffee Company (NASDAQ: SBUX) today announced the official closing of its previously announced joint venture with Boyu Capital, marking a significant milestone in the company’s long-term strategy to unlock sustainable, disciplined growth in China.
The transaction finalizes the intent Starbucks shared in November of 2025 and reflects the company’s continued confidence in China as a critical growth market. The joint venture is designed to enhance Starbucks ability to expand its footprint, deepen local relevance, and elevate the customer experience while maintaining the integrity of its brand and values.
Under the terms of the agreement, funds managed by Boyu Capital now hold a 60 percent stake in Starbucks China retail operations, while Starbucks retains a 40 percent ownership interest and continues to own and license the brand and intellectual property to the joint venture. The joint venture oversees approximately 8,000 company-operated coffeehouses today, which will transition to a licensed operating model, with a shared long-term aspiration to grow to as many as 20,000 locations 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 chief executive officer, Starbucks Coffee Company. “By combining Starbucks trusted global brand with Boyu’s deep local expertise, we are positioning the business to serve more customers, enter more cities, and strengthen our leadership in a dynamic and evolving market.”
"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, chief executive officer, Starbucks China.
“This partnership strengthens our long-term commitment to China and enables us to grow with greater speed, efficiency, and focus,” said Brady Brewer, chief executive officer, Starbucks International. “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.”
“Starbucks has built an iconic brand and a deep connection with Chinese consumers,” said Alex Wong, Partner at Boyu Capital. “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.”
With the transaction now complete, Starbucks and Boyu will transition into the operational phase of the joint venture, focused on expansion, innovation, and delivering exceptional coffee and welcoming experiences to customers across China.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to responsibly sourcing and roasting high-quality arabica coffee. Today, with a global footprint of more than 41,000 company-operated and licensed coffeehouses and a growing presence in consumer-packaged goods, we are the world's premier purveyor of specialty coffee. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at about.starbucks.com or www.starbucks.com.
About Boyu Capital
Founded in 2011, Boyu Capital is a leading alternative investment firm with Chinese roots and a global mandate. With over 200 portfolio companies and offices in Hong Kong, Beijing, Shanghai and Singapore, Boyu’s uniquely integrated and synergistic platform spans private equity, public equity, infrastructure and venture investing. By providing catalytic capital and strategic support to exceptional leaders and visionary entrepreneurs, Boyu drives long-term value creation from its close partnerships with the most innovative and impactful businesses in consumer, technology, healthcare and sustainable energy globally.
Forward-Looking Statements
Certain statements contained herein, including statements relating to our plans and expectations for the joint venture with Boyu Capital, are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include risks related to the ability to realize the anticipated benefits of the sale and the joint venture with Boyu Capital, such as the possibility that the expected benefits (including the ability of the joint venture with Boyu Capital to generate the anticipated cash flows) will not be realized or will not be realized within the expected time period; significant transaction costs; the risk of litigation and/or regulatory actions relating to the transaction; the ability of the joint venture with Boyu Capital to expand its operations and successfully implement its strategies; as well as those risks described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and in other filings with the SEC, including, but not limited to, our ability to preserve, grow, and leverage our brands; the impact of our brand, marketing, promotional, advertising and pricing strategies, platforms, reformulations, innovations, or customer experience initiatives or investments; the costs and risks associated with, and the successful and timely execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments, and plans; the costs and risks associated with, and the successful execution and effects of, strategic changes to our ownership and operating structure, including as a result of acquisitions, divestitures, other strategic transactions or entry into joint ventures; our ability to align our investment efforts with our strategic goals; evolving consumer preferences, demand, consumption, or spending behavior, reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes; and the ability of our business partners, suppliers, and third-party providers to fulfill their responsibilities and commitments and our reliance on certain key business partners and suppliers. In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and economic environment. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this release. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
FAQ
What did Starbucks (SBUX) announce regarding its China operations with Boyu Capital?
Starbucks announced the official closing of its joint venture with Boyu Capital covering its China retail operations. Boyu-managed funds now hold a 60 percent stake, while Starbucks retains 40 percent and continues to own and license the global Starbucks brand and related intellectual property.
How is ownership of Starbucks (SBUX) China retail structured in the new joint venture?
Under the joint venture, funds managed by Boyu Capital hold a 60 percent ownership stake in Starbucks China retail operations. Starbucks retains a 40 percent interest and remains the owner and licensor of the Starbucks brand and intellectual property to the joint venture overseeing the China business.
How many Starbucks (SBUX) stores are included in the Boyu Capital joint venture in China?
The joint venture currently oversees approximately 8,000 Starbucks company-operated coffeehouses in China. These locations will transition to a licensed operating model under the venture, with a shared long-term aspiration to grow the store base to as many as 20,000 locations across the country.
What are Starbucks (SBUX) long-term growth goals for its China joint venture?
Starbucks and Boyu Capital share a long-term aspiration to grow Starbucks China to as many as 20,000 locations. The venture aims to expand the footprint, drive hyper-localization in products and experiences, and strengthen leadership in a dynamic Chinese coffee market over time.
How does Starbucks (SBUX) describe the strategic importance of China after this joint venture?
Starbucks continues to describe China as one of its most important global markets and an exciting long-term opportunity. Leadership emphasizes that the Boyu Capital partnership is intended to accelerate disciplined growth, enhance profitability, and deepen local relevance while preserving Starbucks brand integrity across China.
Does Starbucks (SBUX) still control its brand in China after the Boyu joint venture?
Yes. Starbucks retains ownership of the Starbucks brand and related intellectual property and licenses them to the China joint venture. While Boyu-managed funds hold a 60 percent stake in the retail operations, Starbucks remains the global brand owner and brand licensor for the Chinese market.