DFI Retail to take over Maxim's Starbucks-licensed business in seven Asian markets

DFI Retail Group said on Wednesday (Sep 30) its unit will assume Maxim's Caterers' existing interests in the Starbucks -licensed business across seven Asian markets, as part of a reorganisation initiative.

Maxim's will pay DFI US$340 million in cash and buy back the 50 per cent stake the latter currently holds in the Hong Kong-based food and beverage conglomerate.

The Starbucks-licensed business includes a network of over 1,100 Starbucks coffeehouses in Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos.

"Post-completion, the Starbucks-licensed business will be immediately revenue and operating margin accretive to the Group's core retail business, with further upside from operating synergies," DFI said in its statement.

Hong Kong-based retailer DFI expects the business to contribute US$600 million to US$650 million to its total subsidiaries' revenue from April to December 2027 and about US$900 million on a full-year basis in 2028.

With the expansion of Asia's middle class, higher disposable incomes and increased spending on speciality coffee and tea, DFI said its Starbucks-licensed business has strong tailwinds.

The DFI transaction comes as Starbucks reshapes its global business under CEO Brian Niccol, who has closed coffeehouses and cut corporate jobs in North America to restore profitability.

In Asia, Starbucks completed a China joint venture in April that gave Boyu Capital a 60 per cent stake in its retail operations while retaining 40 per cent. It is also weighing a sale of a majority stake in its Japan business, Reuters reported this month.

Separately, DFI raised its 2027 dividend payout ratio to 80 per cent and maintained its 2028 underlying profit outlook between US$310 million and US$350 million.