Who Actually Runs Starbucks? The Business Model Behind 1,100+ Licensed Stores in Asia
How Starbucks expands across Asia through licensed local partners
Published: October 3, 2026
Author: WinkBits
Last updated: October 3, 2026
Hello, and welcome to WinkBits.
Who actually runs a Starbucks coffeehouse? The sign belongs to Starbucks, but the company behind the counter is not always Starbucks Corporation. The global network combines company-operated stores with licensed stores run by local partners under agreements with the brand owner.
This article uses DFI Retail Group’s proposed reorganisation of more than 1,100 Starbucks-licensed coffeehouses across seven Asian markets to explain that hidden operating structure. It separates confirmed transaction facts from management targets and from our analysis of why global brands use licensing.
- A Starbucks logo does not necessarily mean Starbucks Corporation operates that location.
- DFI is set to receive the entire equity interest in the Starbucks licensed business and about US$340 million in cash, subject to adjustments.
- DFI will transfer its indirect 50% interest in Maxim’s to Hongkong Caterers.
- The Starbucks business includes more than 1,100 coffeehouses across seven markets.
- The transaction is conditional and is expected to complete by the end of March 2027.
- DFI’s growth targets are management guidance, not guaranteed outcomes.
Company-operated and licensed stores are different businesses
At a company-operated store, Starbucks controls the store operation and records the retail sale. At a licensed store, a separate operator employs the local team, holds the operating assets and runs the coffeehouse under a Starbucks agreement. Starbucks supplies the brand system and receives revenue from products and equipment sold to licensees, royalties on retail sales and other license fees.
| Question | Company-operated store | Licensed store |
|---|---|---|
| Who runs the store? | Starbucks Corporation or a controlled subsidiary | A local licensee under a Starbucks agreement |
| How does Starbucks earn? | Retail sales, with store costs and operating risk | Product and equipment sales, royalties and other fees |
| Who owns the brand? | Starbucks | Starbucks; the operator receives contractual rights to use it |
Starbucks’ fiscal 2025 annual report says licensed-store revenue includes product and equipment sales, royalties and other fees paid by licensees using the Starbucks brand. The public filing does not disclose the private royalty rate or profit split for the DFI/Maxim’s arrangements, so this article does not estimate them.
What DFI is actually receiving
The proposed transaction has two linked components. DFI will give up its indirect 50% shareholding in Maxim’s, the Hong Kong-based food and beverage group. In return, Maxim’s will buy back DFI’s shares, with consideration consisting of the entire equity interest in the Starbucks licensed business plus approximately US$340 million in cash, subject to customary completion adjustments.
| DFI transfers | DFI receives |
|---|---|
| Its indirect 50% shareholding in Maxim’s | The entire equity interest in the Starbucks licensed business and approximately US$340 million in cash, subject to adjustments |
This distinction is central. The US$340 million is not a purchase price paid by DFI. It is cash that DFI expects to receive as part of the consideration.
A seven-market Starbucks platform
The business covered by the announcement operates a network of more than 1,100 Starbucks-licensed coffeehouses across Thailand, Hong Kong SAR, Singapore, Vietnam, Cambodia, Macau SAR and Laos. The number refers to this seven-market licensed network at the time of DFI’s September 30, 2026 announcement—not to all Starbucks stores in Asia and not to company-operated stores owned directly by Starbucks Corporation. DFI said the licensed business generated close to US$750 million in revenue in 2025, with an underlying operating margin of 7.0%. Revenue grew at a compound annual rate of 3.5% from 2023 to 2025.
These figures describe the historical business included in the transaction. They do not guarantee what DFI will earn after completion.
Thailand · Hong Kong SAR · Singapore · Vietnam · Cambodia · Macau SAR · Laos
Why the structure may appeal to DFI
Before the transaction, DFI held a 50% economic interest in Maxim’s through a joint-venture structure. After completion, it would control the Starbucks licensed business directly. That changes both focus and accountability: DFI would be able to integrate the coffeehouse operation into its broader retail portfolio while deploying capital and operating capabilities without sharing ownership of that platform with the former partner.
The strategic logic is not simply “more stores.” Starbucks gives DFI a consumer-facing network with frequent transactions, recognizable branding and room for store, menu and digital expansion. It also shifts DFI’s exposure from a broad food-service joint venture to a business with a clearer regional growth mandate.
Why Starbucks uses licensing
Licensing can help a global brand enter and expand in markets where a partner already understands property, hiring, supply chains, regulation and local consumer behavior. The operator supplies local capital and carries much of the store-level execution risk, while Starbucks can earn from branded product sales, royalties and fees.
The trade-off is control. Starbucks does not directly manage every licensed employee or lease, so brand standards, training, product specifications and contract governance matter. DFI’s announcement also highlights local advantages: it points to customer access, localised food and drink innovation, real-estate optimisation and a data ecosystem as growth levers. Those are management’s stated strategic priorities, not proof that every target will be achieved.
Management’s growth plan—and how to read it
DFI outlined several targets for the acquired business. The company expects revenue of US$600 million to US$650 million for the nine months from April to December 2027, around US$900 million in 2028, and revenue growth of 6% to 7% a year from 2026 to 2029. It also aims for at least 1,350 stores and an underlying operating margin of 8% to 9% by 2029. DFI expects roughly US$10 million of recurring synergies in the first full year after completion.
What happens to Maxim’s?
On completion, Hongkong Caterers will become the sole owner of Maxim’s. DFI stated that the transaction would not change day-to-day operations at the time of the announcement. The reorganization separates the businesses: DFI takes direct control of Coffee Concepts, while Hongkong Caterers consolidates ownership of Maxim’s remaining operations.
The deal is not complete yet
The sale and purchase agreement was announced on September 30, 2026. Completion is expected by the end of March 2027, subject to regulatory approvals, third-party consents and separation work. The parties may extend the timetable if the required conditions are not satisfied by the expected date.
Until completion, it is more accurate to describe the transaction as proposed or pending rather than completed. Investors and readers should also distinguish the announced operating targets from audited results after the business changes hands.
What to watch next
- Closing conditions: whether approvals, consents and business separation are completed on schedule.
- Store growth: whether expansion toward at least 1,350 stores is accompanied by healthy unit economics.
- Margins: whether operating improvements move the business from the reported 7.0% margin toward management’s 8%–9% target.
- Integration: how DFI connects the Starbucks business with its regional retail capabilities without weakening brand execution.
- Cash allocation: how DFI uses the approximately US$340 million it expects to receive.
Frequently Asked Questions
Is DFI paying US$340 million for Starbucks stores?
No. Under the announced structure, DFI is expected to receive approximately US$340 million in cash, along with 100% of the Starbucks licensed business, in exchange for its indirect 50% interest in Maxim’s.
Does DFI own Starbucks?
No. The transaction concerns a licensed Starbucks operating business in seven Asian markets. Starbucks Corporation remains the owner of the Starbucks brand.
Has the transaction already closed?
No. It remains subject to conditions, and completion is expected by the end of March 2027.
Will the stores change immediately?
The announcement said day-to-day operations would continue as usual at that stage. Any later operational changes will depend on completion and DFI’s execution plans.
Official / Primary Sources
- SGX announcement: DFI Retail Group transaction details
- Jardines: DFI Retail Group and Hongkong Caterers announce reorganisation
- Starbucks Corporation 2025 Annual Report
- Reuters report on the proposed transaction
Designed and curated by WinkBits
For partnership inquiries and technical support:
yja150509@gmail.com