DFI Takes Control of Starbucks Business Across Seven Asian Markets in $340 Million Reorganisation

DFI Retail Group is taking full control of the Starbucks licensed business across seven Asian markets in a major reorganisation of its long standing partnership with Maxim's Caterers.

The Starbucks network covers Hong Kong, Macau, Singapore, Thailand, Vietnam, Cambodia and Laos and includes more than 1,100 coffeehouses, making the transaction one of the largest changes in licensed coffee operations in the region.

Under the agreement, DFI will assume Maxim's interests in the Starbucks business while Maxim's will repurchase DFI's 50 percent stake in Maxim's and pay DFI about US$340 million in cash.

The transaction separates the Starbucks operations from the broader Maxim's restaurant portfolio, which includes Chinese and Western restaurants, bakeries, quick service outlets and other licensed food brands.

DFI says the Starbucks business will become a directly controlled growth platform inside a retail group that already operates thousands of outlets across Asia in grocery, convenience, health and beauty, home furnishings and restaurants.

The financial impact is material. DFI expects the Starbucks business to contribute roughly US$600 million to US$650 million of revenue between April and December 2027 and around US$900 million in 2028, subject to completion and operating performance.

The deal also gives the coffee business a clearer ownership structure at a time when Starbucks is reshaping parts of its global portfolio through licensed operations, joint ventures and market specific partnerships.

Completion remains subject to customary conditions and regulatory approvals. If completed, DFI will move from being an indirect shareholder in the wider Maxim's group to directly controlling one of the largest Starbucks licensed networks in Asia.