DFI to Take Over 1,100+ Starbucks Stores Across Seven Asian Markets

More than 1,100 Starbucks coffeehouses across Asia are set to move under a new corporate operator.

DFI Retail Group has agreed to assume Maxim's Caterers' interests in the Starbucks licensed business covering seven Asian markets: Hong Kong, Macau, Singapore, Thailand, Vietnam, Cambodia and Laos.

Indonesia is not part of the transaction.

The deal is unusual because DFI is not simply paying cash for the Starbucks operation.

Instead, Maxim's will buy back DFI's existing 50% interest in Maxim's, while DFI will receive the Starbucks licensed business plus approximately US$340 million in cash, subject to customary adjustments.

That structure makes the transaction both a portfolio reshuffle and a major strategic shift for one of Asia's oldest retail groups.

DFI Is Not Buying Starbucks Corporation

The first distinction is crucial.

The transaction does not involve DFI acquiring Starbucks Corporation or ownership of the Starbucks brand.

It covers a licensed Starbucks business currently held through Maxim's.

That operation runs more than 1,100 coffeehouses in seven Asian territories.

Starbucks remains the global brand owner, while the licensed operator manages stores in the relevant markets under its arrangements with Starbucks.

DFI will therefore gain control of the regional operating business, not the worldwide coffee company.

How the Transaction Works

DFI currently holds an indirect 50% interest in Maxim's Caterers.

Under the conditional agreement announced on September 30, Maxim's will repurchase all of the shares currently owned by DFI.

In exchange, DFI will receive Maxim's entire equity interest in the Starbucks licensed business.

DFI will also receive approximately US$340 million in cash at completion, before certain financial adjustments.

The company said the cash reflects the valuation difference between DFI's 50% stake in Maxim's and Maxim's existing interest in the Starbucks operation.

That means the US$340 million should not be described as money DFI is paying to acquire Starbucks.

It is cash DFI expects to receive as part of the reorganisation.

Seven Markets, More Than 1,100 Coffeehouses

The Starbucks operation covers:

• Hong Kong

• Macau

• Singapore

• Thailand

• Vietnam

• Cambodia

• Laos

Indonesia is absent from the list.

That point matters because DFI already has a business presence in Indonesia through other retail categories.

Its Indonesian operations, however, do not make Starbucks Indonesia part of this transaction.

Only the licensed Starbucks business specifically held through Maxim's is being transferred.

Who Is DFI Retail Group?

DFI's history stretches back 140 years.

The company traces its roots to The Dairy Farm Company Limited, established in Hong Kong in 1886 by Scottish surgeon Sir Patrick Manson and five local businessmen.

Its original mission was to provide clean, uncontaminated cow's milk at an affordable price to Hong Kong residents.

Over the following decades, Dairy Farm expanded far beyond milk production and evolved into a major Asian retail group.

Its corporate identity was refreshed from Dairy Farm to DFI Retail Group in 2021.

DFI is now part of the Jardine Matheson Group.

A Retail Portfolio Across Asia

Today, DFI operates or participates in businesses across several major retail categories.

Its health and beauty operations include Guardian and Mannings.

Its convenience-store portfolio includes 7-Eleven in selected Asian markets.

Its food retail businesses include Wellcome, Market Place, San Miu and Lucky.

DFI also operates IKEA businesses in Hong Kong, Macau, Taiwan and Indonesia.

These relationships are not all equivalent to global brand ownership.

Operating or licensing an international brand in specific territories does not mean DFI owns that brand worldwide.

The same distinction applies to Starbucks.

DFI Already Operates at Significant Scale

As of June 30, 2026, DFI and its associates operated 7,659 outlets across 12 Asian markets.

The group employed more than 81,000 people and reported US$8.9 billion in subsidiary revenue for 2025.

DFI Retail Group Holdings Limited is incorporated in Bermuda.

Its primary share listing is on the London Stock Exchange, with secondary listings in Bermuda and Singapore, while the group's businesses are managed from Hong Kong.

Its existing scale gives DFI infrastructure across sourcing, supply chains, store operations, property management and digital retail.

Those capabilities are central to its plan for the Starbucks network.

The Starbucks Business Already Generates Significant Revenue

The licensed Starbucks business generated close to US$750 million in revenue in 2025, according to DFI's transaction announcement.

Its underlying operating margin was approximately 7.0%.

Revenue grew at a cumulative annual rate of about 3.5% between 2023 and 2025.

Following completion, DFI expects the business to increase both revenue and operating margins across its core retail operations.

Those expectations are corporate forecasts rather than guaranteed outcomes.

DFI Sees Revenue Reaching About US$900 Million

DFI expects the Starbucks business to contribute between US$600 million and US$650 million to subsidiary revenue from April through December 2027, assuming completion occurs as planned.

For the full 2028 financial year, revenue contribution is projected at approximately US$900 million.

The company is targeting a 6%–7% revenue compound annual growth rate between 2026 and 2029.

Network expansion is expected to play an important role.

From More Than 1,100 Stores to at Least 1,350

DFI plans to expand the Starbucks licensed network to at least 1,350 locations.

It also aims to increase store sales density.

The company is targeting a mid-term operating margin of approximately 8%–9%, compared with the 7.0% underlying operating margin reported for 2025.

DFI also estimates that around US$10 million in operating synergies could be achieved in the first full year after consolidation.

Potential savings and efficiencies are expected in areas such as procurement, overhead expenses and real-estate optimisation.

These remain forward-looking targets.

Why DFI Is Reshaping Its Portfolio

Management describes the Starbucks transaction as the final milestone in DFI's shift from a portfolio company to a focused operating company.

Until now, DFI's exposure to a wide group of restaurant businesses has partly come through its 50% interest in Maxim's.

After the transaction, Hongkong Caterers will become the sole shareholder of Maxim's.

DFI will instead gain direct control over the Starbucks licensed business.

The change gives DFI greater operational influence over one large consumer-facing platform rather than holding a minority interest across the broader Maxim's group.

Maxim's Is Not Being Acquired

The transaction should not be described as DFI taking over all of Maxim's.

Maxim's will continue under Hongkong Caterers and maintain its restaurant, bakery and food businesses.

The group has also operated or licensed international restaurant brands including Genki Sushi, Shake Shack, The Cheesecake Factory and COVA.

Only its interest in the Starbucks licensed operation is being transferred to DFI as part of this deal.

Completion Is Still Conditional

The transaction was announced on September 30, 2026, but it has not yet fully closed.

Completion requires several conditions.

These include relevant third-party consents, antitrust clearances and the internal separation of the Starbucks business from Maxim's other operations.

DFI currently expects completion by the end of March 2027.

The agreement also provides mechanisms for extensions if the closing conditions have not been satisfied by the relevant deadline.

Until completion occurs, it would be inaccurate to describe the Starbucks business as already fully consolidated into DFI.

What Changes for Customers?

DFI and Hongkong Caterers said day-to-day operations are expected to remain unchanged as the reorganisation progresses.

For customers, the corporate ownership transition therefore does not necessarily mean an immediate change in stores, products or services.

The more significant changes may emerge over time as DFI implements its expansion plans, integrates operating systems and opens additional locations.

Indonesia Is Outside the Deal

For Indonesian readers, the geographic scope is especially important.

DFI does operate other businesses in Indonesia.

But the Starbucks transaction announced in September only covers Hong Kong, Macau, Singapore, Thailand, Vietnam, Cambodia and Laos.

Indonesia is not one of the seven territories.

The transaction therefore should not be reported as a takeover of Starbucks Indonesia.

Bottom Line

DFI Retail Group is preparing to take control of a licensed Starbucks operation consisting of more than 1,100 coffeehouses across seven Asian markets.

As part of the deal, Maxim's will repurchase DFI's 50% ownership interest in Maxim's.

DFI will receive the Starbucks licensed business and approximately US$340 million in cash, before adjustments.

The company plans to expand the network to at least 1,350 locations and forecasts about US$900 million in full-year revenue contribution by 2028.

But the transaction remains conditional and is currently expected to close by the end of March 2027.

It is therefore best understood as a major regional licensing and portfolio reorganisation—not an acquisition of Starbucks Corporation itself.