Starbucks, the iconic American coffeehouse chain, is shifting its strategy in China as it faces mounting competition and waning customer loyalty. Once a symbol of luxury and aspirational lifestyle in China, the company is now seeking a fresh approach to reclaim its dominance in the world's second-largest economy.
On 3 November 2025, Starbucks announced it would enter into a joint venture with Boyu Capital, a prominent Chinese private equity firm. Under the deal, Starbucks will transfer majority control of its Chinese retail network—more than 8,000 outlets—to Boyu Capital, while retaining ownership of its brand and licensing rights. The company will hold a 40% stake in the joint venture, marking a significant shift from previous ownership structures.
