2025年11月初，全球知名咖啡品牌星巴克宣布其在中國的業務進入重大轉折——星巴克正式將中國業務的60%股權出售給博裕資本（Boyu Capital），交易金額高達40億美元，這一舉措標誌著星巴克在中國市場的控股格局發生根本性變化。

據悉，星巴克中國業務一直是公司全球增長的重要引擎。過去十多年，星巴克在中國積極擴張，門店數量已突破萬家，並在一線至三線城市建立完善的供應鏈與品牌網絡。然而，隨著中國市場競爭加劇，本土咖啡品牌和其他國際連鎖加速滲透，星巴克在當地的盈利模式面臨挑戰。同時，外資控股的管理模式在部分決策上相對緩慢，對快速變化的市場反應略顯滯後。

博裕資本作為亞洲知名的私募投資機構，過往以投資消費品牌、科技與醫療領域聞名，其此次入股星巴克中國，意味著星巴克在華業務將進入混合管理模式。據分析，此次交易不僅為星巴克帶來大量現金流，為未來全球業務擴張提供支持，也讓博裕資本得以參與中國市場最成熟的咖啡品牌運營，擁有更高話語權與管理參與度。

市場觀察人士認為，此次交易可能將推動星巴克中國在本土化創新與市場策略上更加靈活。博裕資本的加入，可能會在選址策略、數字化運營及新型咖啡產品開發方面帶來更多資源和決策支持。同時，也可能加速星巴克中國在二線和三線城市的拓展，提升品牌在年輕消費群體中的滲透率。業內人士指出，這筆40億美元的交易，不僅刷新星巴克在海外市場的資本運作案例，也標誌著外資品牌在中國市場的新階段——由完全控股向戰略合作及本土化深度參與轉變。未來，星巴克與博裕資本的合作模式，將成為國際品牌在中國市場探索“控股+合作”模式的重要參考案例。

總體而言，星巴克中國業務的股權轉讓，不僅是企業戰略層面的重大調整，也可能對中國咖啡市場格局、消費者體驗以及國際品牌在華運營策略帶來深遠影響。未來幾年，市場將持續關注這一合資模式如何推動星巴克在中國的增長，以及是否能在激烈競爭中保持領先地位。

In early November 2025, global coffee giant Starbucks announced a major strategic shift in its operations in China: it officially sold 60% of its China business to Boyu Capital for a reported USD 4 billion, marking a significant change in the ownership and management structure of Starbucks’ operations in the country.

Starbucks’ China operations have long been a key driver of its global growth. Over the past decade, the company aggressively expanded across China, opening over 10,000 stores and establishing a comprehensive supply chain and brand presence from first-tier to third-tier cities. However, rising competition from domestic coffee brands and other international chains has increasingly challenged Starbucks’ profitability in China. Additionally, as a fully foreign-owned entity, decision-making processes were sometimes slower, limiting responsiveness in a fast-evolving market.

Boyu Capital, a prominent Asian private equity firm known for investing in consumer brands, technology, and healthcare, now becomes a strategic partner in Starbucks China. The deal not only injects substantial capital into Starbucks’ global operations but also grants Boyu a significant stake and influence in managing one of China’s most established coffee brands. Analysts believe that this partnership will allow Starbucks to operate with greater flexibility and speed in the Chinese market.

Industry observers suggest that Boyu’s involvement may accelerate Starbucks China’s localization initiatives, particularly in areas such as store expansion, digital operations, and new product development. The firm’s resources and strategic guidance could strengthen Starbucks’ penetration in second- and third-tier cities and help the brand appeal more effectively to younger consumers.

The USD 4 billion transaction also represents a milestone in foreign investment strategies in China. It highlights a trend for international brands to move from fully controlled operations toward strategic partnerships and deeper local engagement, balancing global oversight with local market agility.

Overall, the transfer of a majority stake in Starbucks China is not only a major corporate strategy adjustment but may also have far-reaching implications for the Chinese coffee market, consumer experience, and the way international brands operate in China. Over the coming years, industry watchers will closely monitor how this joint ownership model drives growth and whether Starbucks can maintain its competitive edge in a fiercely contested market.