Starbucks and Boyu Capital Finalize Joint Venture to Accelerate Long Term Growth in China (Form 8-K)

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.