The industry is heavy! Starbucks China is looking for buyers!

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Today, Interface News, Southern Metropolis Daily and other media reported that the Chinese business of the chain Starbucks may usher in equity changes, and a number of investment institutions have a strong interest in Starbucks' Chinese business.

Private equity firms such as KKR, FountainVest and PAG are interested in buying stakes in Starbucks' China operations, Reuters said, citing people familiar with the matter. These three companies are all large and well-known investment institutions. KKR has invested in byte beating and Nanfu batteries, FountainVest has invested in Maoyan Entertainment and homework gang, and PAG has invested in Nai Xue and Dalian Wanda.

At the same time, some Chinese companies, including domestic giants China Resources Group and Meituan, are also seen as potential buyers and have made preliminary contacts with Starbucks. In addition, Rachel Ruggeri, executive vice president and chief financial officer of Starbucks, is expected to visit China with other company executives in the coming weeks to negotiate a stake sale, according to people familiar with the matter.

It is reported that the scale of the stake to be sold in Starbucks' China business has not been made public and will depend on the negotiations. Starbucks may be more likely to strike franchise agreements with strategic partners as part of its equity sale plan. If a franchise agreement is reached, Starbucks China will be valued at more than $1 billion.

The news seems to come all of a sudden, but it is not groundless. In November, there were media reports that Starbucks was exploring ways to expand its business in China, including the sale of a stake in the Chinese business and the introduction of local partners. It was reported at the time that Starbucks was in informal talks with several private equity firms and companies at home and abroad, but did not disclose which companies.

It is worth mentioning that the leadership of Starbucks' China market has also undergone great changes recently. Last December, Starbucks China created the post of Chief Executive Officer (CGO) for the first time and appointed Yang Zhen, former head of user development in Ji Yue, as CGO. In January, Wang Jingying, chairman of Starbucks China, announced her retirement and left her post where she had worked for many years. But after that, it is not clear who will succeed Starbucks as chairman of China, and the market is watching this trend closely.

Wang Jingying (Belinda Wong)

After the news that Starbucks may sell its Chinese business, many media asked Starbucks and several investment institutions about the details.

However, a Starbucks global spokesman declined to confirm the report to Reuters. At the same time, Starbucks CEO responded with a statement on the earnings call in the first quarter of 2025, saying, "I see the vitality and future opportunities of this market, as well as some adjustments that can be made in the short term to strengthen our business, while continuing to explore strategic partnerships to achieve sustained growth in China.

The Nandu Bay Finance Agency reporter also asked the relevant Starbucks official in China about the situation, and the other side said that Starbucks' global response would prevail. At the same time, the relevant person in charge of China Resources Group responded that "do not comment on the market rumors", Meituan did not respond. KKR Group officials said that the acquisition news is purely media speculation, KKR declined to comment, the other two investment agencies FountainVest and PAG did not respond to or comment on the matter.

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