Bloomberg reported this Tuesday (9) that Starbucks is analyzing options for its operations in Japan, including the sale of a stake, amid a larger global restructuring plan. Talks with investment banks are at an early stage and there is no final decision. An initial public offering (IPO) is also among the alternatives considered.
The potential value of a stake sale would be between 400 billion and 500 billion yen (around US$2.5 billion to US$3.1 billion, or R$14 billion to R$18 billion at current prices). The deal could attract other industry chains and private equity funds.
Japan is one of the network’s strongest markets
Unlike the United States and China, where the company faces challenges, Japan has delivered solid results. In the most recent quarter, CEO Brian Niccol called local performance “outstanding,” driven by strong holiday sales, tourism and product launches. The chain operates around 2,100 stores in the country, most of which are directly controlled by the Japanese subsidiary.
Strategy after China
The move in Japan comes after Starbucks sold 60% of its operation in China to manager Boyu Capital in November 2025, in a deal valued at around US$4 billion. In China, the chain lost space to cheaper local competitors, such as Luckin Coffee, which offers coffee at fractions of the price of Starbucks and has already surpassed the American company in the number of stores.
In the United States, the company has been closing units and implementing a restructuring plan to contain falling sales and high costs.
Success story in the Japanese market
Starbucks arrived in Japan in 1996, with the first store in the Ginza region of Tokyo, through a joint venture with retailer Sazaby League (formerly Sazaby). The partnership, which began in 1995, helped introduce the concept of premium coffee shops in the country. Years later, Starbucks took full control of the operation.
What changes in practice
An eventual sale or IPO of the Japanese unit would represent a way for Starbucks to capture value from a mature and profitable asset at a time of pressure for global results. At the same time, it allows the company to focus on recovering performance in core markets, where it faces fierce competition and more price-sensitive consumers.
