Starbucks is reportedly considering selling a stake in its Japanese business, a move that would extend the company’s recent pattern of restructuring its Asian operations through strategic partnerships rather than full ownership.
The potential Japan transaction follows Starbucks’ landmark deal in China, where the company sold a 60% stake in its Chinese retail business to private equity firm Boyu Capital for $4 billion. That deal, announced on November 3, 2025, closed in early 2026 and left Starbucks holding a 40% minority position in the world’s second-largest coffee market.
The China playbook
Starbucks had roughly 8,000 stores in China but harbored ambitions to reach 20,000. Boyu Capital, one of China’s most prominent private equity firms, fit the bill as a partner with deep pockets and local expertise.
By offloading the majority stake, Starbucks freed up capital while maintaining strategic influence. The arrangement lets a locally entrenched partner handle the operational heavy lifting of expansion while Starbucks collects royalties and protects its brand.
