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Singapore, Oktober 2, 2026 – DFI Retail Group has unveiled plans to take full control of Starbucks operations across seven Asian markets in a US$340 million transaction, a move that underscores its strategic pivot toward direct operational management.
The deal involves buying out its joint venture stake in Maxim’s Caterers, giving DFI complete authority over Starbucks outlets in Singapore, Hong Kong, Macau, Thailand, Vietnam, Cambodia, and Laos.
Chief executive Scott Price described the acquisition as the “final step” in transforming DFI from a portfolio company into a focused operating entity.
With more than 1,100 Starbucks stores across Asia, the group expects the brand’s strong recognition and growth potential to boost both revenue and margins.
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Direct control will allow DFI to streamline expansion strategies and align more closely with Starbucks Corporation’s global ambitions.
For Maxim’s Caterers, the transaction represents a significant restructuring.
While relinquishing its Starbucks stake, Maxim’s will retain full ownership of its restaurant and bakery portfolio, including Genki Sushi, Ippudo, Shake Shack, and The Cheesecake Factory.
Chairman Michael Wu emphasized that the company remains committed to expanding these brands across mainland China, Hong Kong, Macau, and Southeast Asia, while continuing to invest in employees and communities.
The deal highlights broader industry trends as global food and beverage operators recalibrate strategies to adapt to shifting consumer habits and rising costs.
Starbucks’ Asian footprint has become increasingly vital as Western markets mature, and DFI’s direct control is expected to accelerate growth in the region’s competitive café sector.
This acquisition follows DFI’s earlier divestment in 2025, when it sold its Singapore food retail chains including Cold Storage, Giant, CS Fresh, and Jason’s Deli to Malaysia’s Macrovalue for US$125 million.
That move signaled DFI’s pivot away from low margin supermarket operations toward businesses with stronger brand equity and growth prospects.
Analysts caution that while the Starbucks deal strengthens DFI’s retail strategy, it also exposes the group to heightened risks.
Asia’s café market is fiercely competitive, with rivals such as Costa Coffee and China’s Luckin Coffee aggressively expanding.
Rising operating costs and evolving consumer preferences could challenge DFI’s ability to sustain profitability.
Nevertheless, the acquisition reflects confidence in Starbucks’ enduring appeal and the resilience of Asia’s consumer markets.
For DFI, the US$340 million deal is not merely a financial transaction but a strategic bet on the future of café culture in the region.
