Starbucks is considering selling a majority stake in its Japan business in a deal that could value the operation at about $3 billion, according to reports.
The coffee giant has begun exploring options for the business as it continues to reassess its international portfolio under CEO Brian Niccol. A formal sale process could begin as early as the fourth quarter of 2026, although discussions remain at an early stage and Starbucks could ultimately decide not to proceed.
Starbucks Japan had 1,883 stores as of September 2025, making it one of the company’s largest international markets and its biggest overseas company-operated market.
The potential transaction would mark a significant shift in Starbucks’ ownership structure in Japan. The company entered the market in 1996, opening its first store in Tokyo’s Ginza district through a joint venture with Japanese partner Sazaby League.
Starbucks later increased its ownership and in 2014 agreed to acquire Sazaby’s remaining 60.5% stake for approximately $914 million, taking full control of the Japanese operation.
Unlike several international markets where Starbucks relies heavily on licensed or franchise-style partnerships, Japan has largely remained a company-operated market under Starbucks’ ownership. A majority stake sale could therefore bring a new strategic or financial partner into the business while potentially allowing Starbucks to retain a minority interest and brand control.
The Japan review also comes after Starbucks moved toward a partner-led structure in China. In 2025, the company agreed to sell a majority stake in its China retail operations to Boyu Capital, while retaining a minority interest and continuing the relationship through licensing arrangements.
For the franchise industry, the potential Japan transaction highlights the different ownership models global restaurant and coffee brands are using to manage mature international markets, from wholly company-owned networks to licensing, joint ventures and strategic partnerships.
Starbucks has not announced a transaction or identified potential buyers, and the final structure, valuation and size of any stake sale remain subject to discussions.
