DFI to trade Maxim’s stake for Asian Starbucks business

DFI Retail has promised to sell Maxim’s stake to Maxim's Caterers in return for the Starbucks-licensed business in seven Asian markets and US$340 million (HK$2.65 billion). The move marks a transition toward independently led growth for both entities while maintaining their ongoing operational partnership.

Under the agreement, ownership of Maxim’s Coffee Concepts - the Starbucks licensee operating over 1,100 coffeehouses across seven Asian markets, including Thailand, Hong Kong, Macau, Vietnam, Singapore, Cambodia, and Laos - will transfer entirely to DFI as a subsidiary business.

Concurrently, Hongkong Caterers will become the sole shareholder of Maxim’s Caterers. Hongkong Caterers will continue to operate and expand Maxim’s portfolio of over 1,000 restaurants and bakeries across Mainland China, Hong Kong, Macau, Thailand, Vietnam, Singapore, Malaysia, and Cambodia, alongside its global festive products division.

Maxim’s, founded in 1956 by brothers James Wu and ST Wu, became a joint venture between Hongkong Caterers and Jardine Matheson Group in 1972. For the past 40 years, Jardine Matheson’s stake has been managed through DFI Retail Group, expanding the joint venture into a regional footprint of over 2,000 stores across nine markets.

Day-to-day operations for both the Starbucks licensed coffeehouses and Maxim’s Caterers will remain unchanged. Hongkong Caterers, DFI Retail Group, and Jardine Matheson will continue as strategic partners across key operational areas, including procurement, supply chain management, property, digital infrastructure, and the yuu Rewards loyalty platform.

The transaction is subject to customary closing conditions and is expected to complete by the end of the first quarter of 2027.

Scott Price, group chief executive of DFI Retail Group said: “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."

"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. 

The Maxim’s brand was founded in 1956. Maxim’s became a joint venture between Hongkong Caterers and Jardine Matheson Group in 1972 and for the past 40 years, Jardines’ interests have been held through DFI Retail Group. Over that time, Maxim’s has grown to become one of the largest food and beverage groups in Asia, with over 2,000 stores across nine markets.

Michael Wu, chairman and Managing Director of Hongkong Caterers Limited and Maxim’s Caterers Limited said: "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. 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.”

Ben Keswick, executive chairman of Jardine Matheson said: “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. 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.”

MARKETING-INTERACTIVE has reached out to DFI Retail Group for more information.

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