DFI to take control of Starbucks in Asia, to give up F&B brands including Genki Sushi, Shake Shack

DFI Retail Group plans to take full control of Starbucks coffeehouses across seven Asian markets, including Singapore, as part of a major reorganization. This deal effectively breaks up the company's 50-50 partnership with Hongkong Caterers, the latter of which will become the sole owner of Maxim’s Caterers, a food and beverage business.

Maxim’s operates over 2,000 outlets across nine markets and has also brought international brands such as Genki Sushi, Ippudo, Shake Shack, and The Cheesecake Factory to Asia. In exchange for taking over Starbucks, DFI will receive approximately US$340 million in cash and relinquish its 50% stake in Maxim’s. The deal is expected to be finalized by the end of Q1 2027, pending customary closing conditions.

Both DFI and Hongkong Caterers stated that day-to-day operations of both Starbucks and Maxim’s businesses will remain unchanged during the transition. This move is part of DFI's strategy to shift from holding stakes in other businesses to directly operating the businesses it controls. DFI CEO Scott Price described the transaction as the final milestone in the company's shift from a portfolio to a focused operating company.

The Starbucks acquisition will allow DFI to add to its revenue and operating margin, as well as to make decisions on expansion, operations, and investment in collaboration with Starbucks Corporation. However, DFI will also face increased competition, rising operating costs, and changing consumer spending patterns. Maxim’s will continue to operate its restaurant, bakery, and catering brands while investing in expansion across mainland China, Hong Kong, Macau, and Southeast Asia.

Hongkong Caterers and Maxim’s chairman and managing director Michael Wu emphasized that the group will continue investing in its employees, businesses, and communities, positioning itself for growth in Asia and beyond.