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Starbucks Finalizes Joint Venture with Boyu Capital For China Expansion

Provided by Dow Jones Apr 2, 2026, 9:30:00 PM

By Katherine Hamilton

Starbucks completed the transaction for its joint venture with Boyu Capital in a deal designed to grow the coffee chain in China.

The joint venture, first announced in November 2025, is designed to expand Starbucks' footprint, relevance and customer experience in China. With the deal now closed, Starbucks and Boyu will transition into the operational phase.

Funds managed by Boyu now hold a 60% stake in Starbucks China retail operations, while Starbucks retains 40% ownership interest.

Starbucks also continues to own and license the brand and intellectual property to the joint venture.

The joint venture oversees about 8,000 company-operated coffeehouses, which will transition to a licensed operating model. The companies aim to grow to as many as 20,000 locations over time.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

April 02, 2026 17:30 ET (21:30 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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