Starbucks Explores Sale of Majority Stake in Japan Business, Sources Say

Starbucks Corp. is reportedly exploring the sale of a majority stake in its Japanese operations, a move that could value its largest company-operated international market at approximately $3 billion, according to people familiar with the matter. The potential transaction would represent a significant strategic shift for the world's largest coffeehouse chain in one of its most successful regions.

Potential Deal Details

According to sources cited by Reuters, Starbucks has solicited proposals from financial advisers to evaluate options for the business. While the company is said to be open to selling a majority stake, the final size of the divestment and the valuation are subject to negotiation. A formal sale process could reportedly begin in the fourth quarter.

The Japan unit is a substantial part of Starbucks' global presence, with 1,883 stores as of September 2025, accounting for nearly 9% of its worldwide footprint. A spokesperson for Starbucks told Reuters the company "continually assess the best structure to be most meaningful to customers and create value for shareholders," calling the Japan business "strong."

Strategic Rationale and Context

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The move is seen as part of a broader effort by CEO Brian Niccol to reshape the company's global portfolio and enhance profitability. Analysts have suggested that monetizing the mature Japan market could allow management to increase its focus on reviving the core U.S. business, where recent efforts to upgrade stores have increased costs.

This potential sale follows a similar strategic move in China, where Starbucks ceded control of its operations to Boyu Capital last year. The company's international segment has shown strong performance, with comparable store sales growing 5.7% in the third quarter, with Japan cited as a key driver of that growth.

Background

Starbucks took full ownership of its Japan business in 2014, buying out its partner Sazaby League for about $914 million in a deal that valued the operation at roughly $1.5 billion. The business has nearly doubled in store count since then. The potential sale is expected to attract interest from both global and local private equity firms, according to the sources.