Starbucks considers majority stake sale in Japan business

Starbucks is considering a sale of a majority stake in its Japan business that could value the operation at about $3 billion, according to two sources familiar with the matter. The company has consulted financial advisers and is open to different deal structures, with a formal sale process potentially beginning in the fourth quarter of 2026. The stake size and final valuation remain undecided, and no buyer or transaction structure has been announced. Starbucks Japan operated 1,883 stores as of September 2025, nearly 9 percent of the company's global store footprint. Starbucks took full ownership in 2014 by buying out partner Sazaby League for about $914 million, a transaction that valued the business at roughly $1.5 billion when it had about 1,050 locations. The store count has since risen to 1,883. In April 2026, Starbucks completed transfer of control of its China retail operations to a joint venture with Boyu Capital, which owns 60 percent while Starbucks retains 40 percent, converting 7,991 company-operated stores into a licensed model. CEO Brian Niccol is leading a broader restructuring and portfolio review. Reuters reported the Japan development on September 16, 2026. Whether a sale proceeds, and on what terms, remains unresolved.