Starbucks finalises China JV with Boyu Capital, plans major site growth
Both parties aim to expand the network to as many as 20,000 locations over time.
Starbucks has officially closed its previously announced joint venture (JV) with Boyu Capital, following the plan it outlined in November 2025.
The deal gives Boyu-managed funds a 60% stake in Starbucks’ China retail operations, whilst Starbucks keeps 40% ownership and continues to control the brand and intellectual property.
The JV, which currently oversees about 8,000 company-operated stores, will shift to a licensed operating model.
Both parties aim to expand the network to as many as 20,000 locations over time.
The partnership is intended to support growth and local market relevance, as well as customer experience, in China.
With the transaction finalised, Starbucks and Boyu will now move into the operational phase, focusing on store expansion and product innovation across China.
