Starbucks Asia Restructuring
DFI Takes Full Control of Starbucks Operations Across Seven Asian Markets
Anonymous
Key Points
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After the restructuring, Maxim’s will retain more than 1,000 restaurants and bakeries operating under brands including Genki Sushi, Ippudo, Shake Shack and The Cheesecake Factory.
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DFI said the US$340 million cash proceeds could fund potential acquisitions; if the money is not deployed, it will be returned to shareholders. The company also raised its 2027 dividend payout ratio to 80%.
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DFI estimates it will spend US$90 million to US$100 million on capital expenditure for new stores over three years.
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DFI plans to refresh Starbucks’ offerings with dedicated menu categories such as matcha, chai and protein drinks.
DFI Retail Group has agreed to take full control of Starbucks operations across seven Asian markets — Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau, and Laos — in a major restructuring deal with partner Maxim's Caterers Inside Retail Asia. Under the agreement, DFI will receive the Starbucks business operating 1,100+ coffeehouses plus US$340 million in cash, while Maxim's buys back DFI's 50% stake in the catering group. The transaction is expected to close in the first quarter of 2027 BigGo Finance.
The Starbucks franchise generated about US$746 million in revenue during 2025 with a 7% operating margin BigGo Finance. DFI plans to open 250 new stores over three years, mainly in Vietnam and Thailand, and projects revenue of about US$900 million by 2028 Inside Retail Asia. The company also raised its 2027 dividend payout ratio to 80% and said the US$340 million in proceeds could fund acquisitions or be returned to shareholders Yahoo Finance.
A 54-Year Partnership Splits Into Two Focused Businesses
DFI and Maxim's Caterers have been partners since 1972, when Jardine Matheson purchased a 50% stake in the firm Inside Retail Asia. This deal marks the end of that arrangement. Maxim's will keep control of 1,000+ restaurants and bakeries operating Genki Sushi, Ippudo, Shake Shack, and The Cheesecake Factory Brief Asia. DFI gets pure focus on Starbucks, moving away from its old role as a passive investment holder.
DFI Chief Financial Officer Wu Kaizhi said the goal is to turn the Starbucks license into a "billion-dollar business" within three years and make it DFI's second-most profitable division TradingView. CEO Scott Price called it "the final milestone in our strategic pivot from a portfolio to a focused operating company," signaling a shift toward hands-on operations rather than holding companies TradingView.
Southeast Asia's Coffee Market Offers Rapid Growth Opportunity
DFI will spend US$90 million to US$100 million on capital expenditure to build 250 new stores over three years Inside Retail Asia. Vietnam and Thailand are the main targets, where a rising middle class is driving demand for specialty coffee. Current stores number 1,100+, so the expansion would push the network to 1,350+ outlets by 2029 BigGo Finance.
Revenue is expected to grow from US$746 million in 2025 to roughly US$900 million by 2028, a compound annual growth rate of 6% to 7% Inside Retail Asia. Operating margins should improve to 8% to 9% from the current 7% as the network scales. DFI will also refresh Starbucks' menu with dedicated categories like matcha, chai, and protein drinks tailored to regional tastes Inside Retail Asia.
Market Reaction and Strategic Fit With Global Starbucks Shift
DFI's share price jumped as much as 6.58% on the announcement, reflecting investor approval BigGo Finance. Market analysts call the deal accretive to revenue and margins, praising DFI's direct operational control over a high-cash-flow consumer brand Inside Retail Asia. The move also aligns with CEO Brian Niccol's global push to refocus Starbucks' international portfolio through partnerships and regional operators.
Regulatory approval and antitrust clearance are expected by the first quarter of 2027. For 2027, DFI projects initial revenue of US$600 million to US$650 million from consolidated Starbucks operations. The company maintained its 2028 underlying profit guidance of US$310 million to US$350 million Yahoo Finance.
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