Starbucks Vietnam set to change operator: media

Hong Kong-based retailer DFI Retail Group will take over more than 1,100 Starbucks stores across seven Asian markets, including Vietnam, from Maxim's Caterers, Nikkei Asia reported, citing an announcement by DFI on the Singapore Exchange (SGX).

The deal is part of a restructuring of business operations within the Jardine Matheson Group ecosystem.

Under the agreement, DFI will transfer its 50-percent stake in Maxim's back to the company.

In return, Maxim's will pay DFI US$340 million in cash and hand over control of its licensed Starbucks operations in the seven markets.

The transaction is expected to be completed by the end of March 2027.

Targeting at least 1,350 stores

The deal will bring more than 1,100 Starbucks stores across Asia under DFI's direct control.

DFI expects its Starbucks business to generate around $600-650 million in revenue from April to December 2027.

On a full-year basis, the revenue is projected to reach around $900 million in 2028.

The group aims to increase its Starbucks store count to at least 1,350 and expects annual revenue to grow at a compound rate of around 6-7 percent between 2026 and 2029.

DFI believes Asia's coffee market still has considerable growth potential, particularly in emerging economies, where per capita coffee consumption and coffee shop penetration remain lower than in some other markets in the region and worldwide.

After taking over the operations, DFI plans to develop more food and beverage products tailored to local tastes and expand its store network in emerging Southeast Asian markets.

DFI currently operates more than 5,600 supermarkets, convenience stores, home furnishing stores, and restaurants, in addition to managing franchised brands such as 7-Eleven and IKEA.

Starbucks adjusts operations in multiple markets

The transfer of operations in Vietnam and six other Asian markets comes as Starbucks makes several notable adjustments to its global business.

In China, Starbucks recently sold a majority stake in its business operations to private equity firm Boyu Capital.

Meanwhile, in North America, the company is closing some stores to improve business efficiency.

According to Nikkei Asia, DFI said it would work with Starbucks to accelerate the brand's expansion in the markets it is taking over.

In Vietnam, although its network is smaller, Starbucks has also expanded relatively quickly, growing from 103 stores at the end of 2023 to 150 in early 2026.

The company has continued to open new outlets this year, including a store atop Fansipan Mountain in northwestern Vietnam and its first Signing Store, designed to employ deaf and hard-of-hearing people, in Ho Chi Minh City.