Starbucks finalized a $4 billion joint venture with private equity firm Boyu Capital.
Boyu Capital acquired a 60% controlling stake in the China retail business. Starbucks retains a 40% ownership interest. The company will continue to own and license the brand.
The agreement transitions approximately 8,000 company-operated stores to a licensed model. The partnership targets a long-term expansion goal of 20,000 total stores.
The move combines Starbucks' global brand with Boyu’s local expertise to drive disciplined expansion.