Hong Kong, September 5, 2025 — Starbucks is drawing significant investor interest in its China operations, with several potential suitors reportedly valuing the business at up to US$5 billion. The bids, submitted as non-binding offers, mark one of the most valuable asset sales involving a global consumer brand in China in recent years.
The bids, led primarily by major private equity firms such as Carlyle, EQT, Bain Capital, and others, were calculated at approximately 10 times the business’s projected 2025 EBITDA of US$400–500 million, with at least one offer stretching into the high teens in multiples.
This strategic move by Starbucks comes amid mounting pressure from local competitors like Luckin Coffee, which have swiftly eroded its once-dominant market position. Starbucks’ share in the Chinese coffee market has plummeted from 34% in 2019 to just 14% in 2024, prompting the company to aggressively cut prices and introduce localized products to stem the loss.
Despite the sale discussions, Starbucks remains committed to retaining a meaningful stake in the China unit. CEO Brian Niccol has affirmed the company’s intention to stay invested in one of its most important global markets. The bidding process is now advancing to a final round of binding offers.
