Kommt die Zeit von Starbucks-Kaffees für nur 9,9 Yuan?

What's your opinion of Starbucks?

When many people mention Starbucks, they have just one evaluation: Expensive.

However, in the early years, the high price of Starbucks was considered worth it. It could provide a place for business people to meet and discuss matters, with the added value of a "third space", and it was also a symbol of refinement and decency.

In recent years, it's no longer worth the high price.

This sense of it not being worth the price is not just a complaint but has actually affected Starbucks' situation. At the end of last year, Starbucks signaled that it intended to sell its Chinese business.

Just a few days ago, Starbucks China successfully "sold itself".

A Starbucks store

Starbucks has reached a strategic cooperation with alternative asset management firm Boyu Capital. The two parties will establish a joint venture to jointly operate Starbucks' retail business in the Chinese market. Boyu will hold up to 60% of the equity in the joint venture, while Starbucks will retain 40% of the equity and will continue to be the owner and licensor of the Starbucks brand and intellectual property, licensing them to the newly established joint venture. Based on an enterprise value of approximately $4 billion (excluding cash and debt), Boyu will obtain its corresponding stake.

To put it simply, the core points are as follows:

Facing the huge but highly competitive Chinese market, Starbucks was struggling on its own. So, it decided to team up with a good partner, Boyu Capital, and jointly open a new company.

In this new company, Starbucks has put its current Chinese business into it and holds 40% of the shares. The rest belongs to Boyu. According to the shareholding, Boyu is the "big brother".

To successfully partner with Starbucks, Boyu invested $4 billion. In the future, Boyu will be responsible for the front - line operations, such as daily management and opening new stores. Starbucks will be responsible for licensing the brand and intellectual property and can enjoy a stable income.

That's generally what happened, and many netizens have also raised some questions.

Normally, people make money quietly. Did Starbucks sell its business because it couldn't make it in the market?

To be honest, Starbucks' performance in recent years has not been impressive.

The coffee market is growing, but the growth doesn't belong to Starbucks. It belongs to Luckin and Cotti.

In the first three quarters of 2025, the market size of freshly brewed coffee exceeded 280 billion yuan, a year - on - year increase of 21%. Among them, the growth rate of the high - end coffee market (above 30 yuan) was 3%, and the share of the affordable market (9.9 - 16 yuan) has reached 58%. (The average customer spending per order at Starbucks China is 36.07 yuan).

The number of Starbucks stores in China is increasing, but its market share is declining.

The number of stores has exceeded 8,000, but its market share has dropped sharply from a peak of 60% to 14%, being left behind by Luckin (35%) and Cotti (18%).

Coffee coupons

But if you think it's giving up, you're wrong. This time, it's planning a comeback.

In this announcement, Starbucks put forward an ambitious goal: to open 20,000 stores.

What does that mean? In the more than 20 years since Starbucks entered the Chinese market, it has only opened about 8,000 stores. Now, it's almost like creating two more "Starbucks".

Obviously, it's almost impossible to achieve this goal by relying on the original large - scale "third space" stores with high - end decoration and high rent.

But it's also unlikely to completely abandon this large - store model and the core customer group that has been built over the years.

Therefore, in the future, Starbucks will probably maintain some of the "third space" models while accelerating its penetration into county - level markets (it has already entered 1,091 county - level markets across the country). It will complement this with a new store model. There are actually many ideas to learn from in the market, such as small stores + takeaways.

A Starbucks store

At this time, Boyu's background shines. Boyu has invested in Xue Laoban and Beijing SKP. It understands how to operate in the sinking market and has experience in creating high - end experiences.

Of course, netizens are also very practical.

We don't really care how many stores you want to open. We just want to know when we can get a 9.9 - yuan Starbucks coffee!

Social media opinions

Let's just say, embrace the changes and adapt to the local environment!

I don't know if there were too many people asking and the demand was too high, but this topic even made it to the hot search list...

Weibo hot search

Starbucks is indeed reducing prices. In June this year, it launched price - cut measures for non - coffee products (such as Frappuccino and iced tea).

However, at present, a 9.9 - yuan coffee is a bit of an exaggeration. The brand value still needs to be protected.

But this deal is definitely a win - win for everyone.

Previously, Starbucks had to face the huge uncertainties in the Chinese market. Through this operation, the uncertainties have turned into predictable profits, and the difficult and tiring tasks have also been handed over.

As for Boyu, it's taking a chance by buying at a low price. It bets that Starbucks is an extremely high - quality asset. It just needs a better business model to succeed in the Chinese market.

This is not just speculation.

Yum China (including the Chinese operations of KFC and Pizza Hut) and McDonald's have both had similar stories. The local capital that bought in at a low price back then successfully transformed these two brands after a series of reforms and made huge profits when they exited the investment.

After McDonald's (USA) sold its Chinese business to CITIC and Carlyle, the number of stores doubled in six years. Carlyle made $1.22 billion in six years and cashed out.

Nowadays, the rules of the domestic coffee market have been completely rewritten.

Previously, a cup of coffee at Starbucks cost 30 - 40 yuan. It was not just selling coffee but also "experience" + "space" + "brand". It wanted you to sit down and enjoy.

But now, with the emergence of Luckin and Cotti, all the added values have been removed.

At the same time, it has created a perception that a cup of coffee can still be profitable even if it's sold for 10 yuan.

This has completely undermined the basis for the high price of expensive coffee. No matter what the actual cost is, in the eyes of many people, it's no longer worth it. It's not easy to break or bypass this perception.

So, the road ahead for these two partners is full of hope but also full of challenges.

This article is from the WeChat official account "ChaPingX.PIN". Author: ShiChao. Republished by 36Kr with permission.