DFI Retail Group is set to take direct control of Starbucks’ licensed business across seven Asian markets, taking over more than 1,100 coffeehouses as part of a restructuring of its interests in Maxim’s Caterers.
The transaction covers Thailand, Hong Kong, Macau, Vietnam, Singapore, Cambodia and Laos, giving DFI direct control of one of the region’s largest Starbucks licensed networks. The Starbucks business is operated through Maxim’s subsidiary Coffee Concepts.
Under the agreement announced September 30, DFI will transfer its existing 50% interest in Maxim’s to Hongkong Caterers and, in return, receive Maxim’s interest in Coffee Concepts along with approximately US$340 million in cash, subject to customary adjustments. The transaction is expected to close by the end of the first quarter of 2027, subject to conditions and approvals.
DFI Brings Starbucks Business Under Direct Control
The deal changes the ownership structure of the existing Starbucks operation rather than representing a new market entry. DFI will move the licensed Starbucks business from its Maxim’s investment structure into its own subsidiary operations.
The network comprises more than 1,100 Starbucks coffeehouses across the seven markets. DFI said the transition provides an opportunity to continue expanding the Starbucks brand and coffeehouse footprint in key Asian growth markets.
For DFI, the transaction also deepens its exposure to franchised and licensed food-and-beverage operations. Maxim’s has been DFI’s long-standing restaurant partner and operates more than 2,000 outlets across its regional markets, including restaurants, bakeries, cafés and quick-service businesses. Its portfolio has included licensed international brands such as Starbucks Coffee, Genki Sushi, Shake Shack and The Cheesecake Factory.
A Major Starbucks Franchise Network for Asia
The Starbucks operation gives DFI a substantial regional platform spanning both Southeast Asia and Greater China. The seven-market network includes established Starbucks markets such as Singapore, Hong Kong and Thailand alongside Vietnam, Cambodia, Laos and Macau.
DFI said it will invest and partner with Starbucks to accelerate the licensed business, expand the brand’s reach and enhance the customer and partner experience across its markets. Day-to-day operations are expected to remain unchanged through the transition.
The two companies will also maintain cooperation in areas including procurement, supply chain, property, digital and loyalty through yuu Rewards, despite the ownership restructuring.
Maxim’s Separates From Starbucks as DFI Sharpens F&B Focus
Following the transaction, Hongkong Caterers will become the sole shareholder of Maxim’s, which will continue developing its portfolio of more than 1,000 restaurants and bakeries across eight regional markets.
For DFI, the move is part of a wider strategic shift toward a more focused operating model. DFI Group Chief Executive Scott Price described the transfer of Starbucks as the final milestone in the company’s pivot from a portfolio model to a focused operating company.
DFI currently operates across 12 Asian markets, with 7,659 outlets and more than 81,000 employees as of June 30, 2026.
