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Hong Kong is among seven Asian markets covered by a US$340 million deal that would transfer Maxim’s Caterers’ existing interests in Starbucks businesses to a unit of DFI Retail Group.
The Singapore-listed retailer announced the cash transaction on 30 September, according to Reuters. The Starbucks network operated by Maxim’s spans more than 1,100 coffeehouses across Hong Kong, Macau, Thailand, Singapore, Vietnam, Cambodia and Laos.
DFI already has a connection to the Hong Kong catering group: its official business overview lists a 50% ownership interest in Maxim’s. Maxim’s runs restaurants, bakeries and cafés, alongside licensed international brands including Starbucks, Shake Shack and The Cheesecake Factory.
The announced transaction concerns Maxim’s interests in the regional Starbucks licensed business. It does not represent an acquisition of Starbucks Corporation or its worldwide operations.
DFI expects the business to lift revenue and operating margins at its core retail operations once the transaction is completed, Reuters reported. The company also anticipates further benefits from combining operations.
For Hong Kong customers, the report does not specify changes to drink prices, store locations, staffing or Starbucks Rewards. It also does not give a completion date, so the announcement should not be read as confirmation that the transfer has already taken place.
