Starbucks Weighs $3B Japan Stake Sale As It Reviews Global Portfolio: Report

• Starbucks Japan had 1,883 stores as of September 2025, representing nearly 9% of the company’s global store base, according to Reuters.
• Starbucks fully acquired the Japan business from longtime partner Sazaby League in 2014 for about $914 million, Reuters reported.
• The latest review follows Starbucks' recent restructuring of its China business, where it sold a 60% stake to Boyu Capital while retaining 40% ownership.

Starbucks Corp. (SBUX) is reportedly considering selling a majority stake in its Japan operations, with the potential transaction valuing the Japanese business at approximately $3 billion.

The coffee giant has solicited pitches from several financial advisers as it weighs options for the business, with a formal sale process potentially beginning in the fourth quarter, Reuters reported on Wednesday, citing two people familiar with the matter.

SBUX shares traded over 1% higher at the time of writing on Friday morning.

The size of any potential stake sale has not been determined, and the valuation Starbucks ultimately seeks would be subject to negotiations, Reuters reported.

A Starbucks spokesperson told Reuters that Starbucks Japan is a strong business with a deep brand presence built over 30 years in the region. The company also said it continually assesses the best structure to create value for shareholders.

Japan Accounts For Nearly 9% Of Starbucks’ Global Footprint

Starbucks Japan operates 1,883 stores, representing nearly 9% of the company's global store network as of September 2025. That makes Japan Starbucks’ largest overseas company-operated market.

The figure is important because Starbucks operates a mix of company-operated and licensed stores globally. At the end of the third quarter of FY26, Starbucks had 41,304 stores worldwide, with 33% company-operated and 67% licensed, according to the company’s latest quarterly results.

Starbucks’ Japan operation therefore represents a sizable company-operated market within its broader international portfolio.

Starbucks Expanded Japan Business After 2014 Buyout

In 2014, Starbucks assumed control of its Japan operations after buying out its longtime partner, Sazaby League, for approximately $914 million, Reuters reported. 

The transaction valued the Japan business at roughly $1.5 billion at the time.

Since then, the operation has expanded from around 1,050 stores to 1,883 outlets as of September 2025, according to Reuters.

The latest potential valuation of around $3 billion would therefore be materially above the valuation cited when Starbucks completed its buyout, although no transaction has been agreed and the final valuation remains subject to negotiations.

Starbucks reported 5.7% growth in international comparable store sales in the third quarter of fiscal 2026, citing continued strength in Japan and the U.K.

Starbucks Recently Restructured China Operations

The latest development follows Starbucks’ restructuring of its China retail business.

In April, Starbucks completed a deal under which Boyu Capital acquired a 60% stake in the China retail operations, while Starbucks retained the remaining 40%. Reuters reported that the transaction valued the China business at about $4 billion.

It remains unclear whether any potential transaction involving Japan would use a similar structure.

Bloomberg first reported in June that Starbucks was considering strategic options for its Japan business, including a potential stake sale and public listing.

The report indicated that a partial divestment could place the value of the Japanese operation between ¥400 billion and ¥500 billion, equivalent to approximately $2.5 billion to $3.1 billion.

Brian Niccol Continues To Reshape Starbucks

CEO Brian Niccol continues efforts to reshape Starbucks’ business and improve profitability.

Reuters reported that Niccol has been closing stores and cutting corporate jobs in North America as part of the company’s restructuring efforts.

Starbucks’ “Back to Starbucks” strategy has helped reverse a period of declining comparable sales, but the investments involved in the turnaround have also pressured operating margins.

Starbucks reported 7.9% global comparable-store sales growth in the third quarter (Q3) of FY26, continuing a four-quarter growth run.

Retail Sentiment On Stocktwits

Retail sentiment surrounding SBUX on Stocktwits was ‘Extremely Bullish’ over the past 24 hours, amid high message volume. SBUX was also among the top-trending tickers at the time of writing.

SBUX stock has gained over 14% year-to-date.

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