DFI Takes Full Control of Starbucks Business in Asia

DFI Retail Group is restructuring its interests in Maxim's Caterers to gain full ownership of Coffee Concepts, the operator of its licensed Starbucks business across seven Asian markets. Announced in October 2026, the transaction will give DFI control of more than 1,100 coffeehouses while Hongkong Caterers Limited becomes the sole shareholder of Maxim's Caterers Limited.

According to reports published by Law.asia and marketech-apac.com, DFI will receive approximately US$340 million in cash as part of the reorganization. The deal is expected to close by the end of the first quarter of 2027, subject to regulatory approvals and other customary closing conditions.

The transfer covers Thailand, Hong Kong, Macau, Vietnam, Singapore, Cambodia and Laos. DFI plans to use its regional retail network, procurement capabilities, property portfolio and yuu loyalty program to support the coffee business's growth.

DFI Group Chief Executive Scott Price described the transaction as the culmination of the company's strategy to concentrate on businesses it directly operates.

"We built the Maxim’s and Coffee Concepts businesses together with Hongkong Caterers over many years, and we are proud of the scale that has been achieved. The transition of the Starbucks licensed business to DFI marks the final milestone in our strategic pivot from a portfolio to a focused operating company and sits squarely within our purpose – to sustainably serve Asia for generations with everyday moments." Scott Price, Group Chief Executive of DFI Retail Group, said.

DFI has been simplifying its portfolio through disposals and exits from other retail investments. Full ownership of Coffee Concepts is intended to give the group greater authority over capital allocation, store expansion and operating decisions.

Price also outlined the company's plans for the next stage of development.

"Building on strong foundations, and together with Starbucks, we look forward to supporting the next phase of growth for the Starbucks licensed business through ongoing operational excellence and the strength of DFI’s regional platform," Price added.

Under the revised structure, Maxim's will concentrate on its restaurant, bakery and other food businesses. Hongkong Caterers will retain ownership of Maxim's, while the parties expect their wider commercial relationships to continue in areas including procurement, supply chains, property and digital services.

Michael Wu, Chairman and Managing Director of Hongkong Caterers Limited and Maxim's Caterers Limited, said the transition would allow the food business to pursue its own development while preserving its established partnerships.

"We are thankful for the many decades of partnership with DFI and Jardines. Coffee Concepts has been an important part of Maxim’s portfolio, and we are confident in its future success under DFI’s stewardship. As Maxim’s now enters its next chapter, we remain committed to investing in our people, our businesses and the communities we serve." Michael Wu, Chairman and Managing Director of Hongkong Caterers Limited and Maxim's Caterers Limited, said.

Founded in 1956, Maxim's became a joint venture between Hongkong Caterers and Jardine Matheson Group in 1972. It has since expanded into a major Asian food and beverage operator with more than 2,000 stores across nine markets, according to Legal Desire.

Wu said the group's diversified operations would remain central to its growth plans.

"With a diversified business portfolio across restaurants, bakeries and festive products such as mooncakes, we are well positioned to capture growth opportunities across the Chinese Mainland, Hong Kong, Macau, Southeast Asia and beyond," Wu added.

Jardine Matheson Executive Chairman Ben Keswick characterized the transaction as an evolution of the group's long-standing partnership with Hongkong Caterers.

"The Maxim’s joint venture is one of Jardines’ most enduring partnerships and one that we value greatly. Today’s announcement marks an evolution of our partnership with Hongkong Caterers and is consistent with our purpose to be an outstanding investor and owner." Ben Keswick, Executive Chairman of Jardine Matheson, said.

Jardine Matheson has maintained its interests in Maxim's through DFI for approximately four decades. Keswick said the group would continue working with the Wu family and support the Starbucks business through DFI.

"We have been fortunate to have the Wu family and Hongkong Caterers as partners over such a long period, and we look forward to continuing to work alongside them, as well as supporting the growth of Starbucks licensed business through DFI Retail Group," Keswick added.

The transaction has also required legal advice across several jurisdictions. Law.asia reported that DFDL, Linklaters, Clifford Chance and MdME advised the parties on the reorganization and associated corporate arrangements.

DFDL acted as local counsel to DFI in Cambodia and Laos, conducting legal due diligence, corporate and litigation-related searches, transaction-document reviews and assessments of local regulatory requirements. Nishant Choudhary, partner and managing director of Cambodia and Myanmar, described the firm's responsibilities.

"Our work included conducting legal due diligence on the local subsidiaries, undertaking customary corporate and litigation-related searches, reviewing the transaction documents from a local law perspective, and advising on local regulatory and compliance matters relevant to the transaction. Following signing, we are also assisting DFI with post-closing regulatory processes," Choudhary told Asia Business Law Journal.

Kooi Thong Lai, partner and managing director of Lao PDR, highlighted the coordination required to complete the cross-border legal work within a compressed timetable.

"The transaction was particularly notable for its scale and complexity, involving the acquisition of a leading Starbucks franchise business operating across multiple Asian jurisdictions. The transaction involved not only extensive legal due diligence and customary searches across the relevant jurisdictions but also a detailed review of franchise and operational arrangements, various regulatory compliance matters and transaction documentation relating to a well-established consumer business," Lai told Asia Business Law Journal.

The legal teams also had to coordinate jurisdiction-specific requirements across the participating markets. Lai described the timetable and cross-border coordination as significant challenges.

"One of the key challenges was the highly compressed transaction timetable, which required close co-ordination between the client, lead counsel and local counsel teams across jurisdictions to identify and address legal and regulatory issues within a short timeframe. The transaction also involved navigating jurisdiction-specific legal and regulatory considerations while maintaining alignment across the broader multi-jurisdictional workstreams." Lai said.

Linklaters advised DFI on acquiring Maxim's interest in the Starbucks-licensed business and on Maxim's buyback of shares held by DFI. Partner Roger Cheng led the team, supported by solicitor Charity Cheung and associate Zoe Cheung. MdME also advised DFI, with corporate and mergers and acquisitions practice head Rui Proença leading its team.

Clifford Chance represented Maxim's Caterers, with partners Bryan Koo and Tommy Tam leading the work. The reorganization remains subject to closing conditions, with completion targeted for the end of March 2027.