DFI Retail Group to take over Starbucks franchise and exit Maxim's stake

DFI Retail Group and Hongkong Food Company Limited, controlled by the Woo family, have announced a strategic restructuring of their holdings in Maxim's Caterers Limited. Under the agreement, DFI will exit its stake in Maxim's, leaving Hongkong Food Company as the sole shareholder of the catering group.

As part of the deal, DFI will take full control of Coffee Concepts, the Starbucks franchise business previously under Maxim's. This transfer includes over 1,100 Starbucks locations across seven Asian markets: Hong Kong, Macau, Thailand, Vietnam, Singapore, Cambodia, and Laos. DFI aims to expand this network to at least 1,350 stores by 2029, focusing on Southeast Asian markets.

DFI will receive approximately $340 million in cash from the transaction, which it intends to use to strengthen its balance sheet. In response, the Singapore-listed group announced it will increase its 2027 dividend payout ratio to 80%.

Despite the separation of ownership, the parties will maintain strategic partnerships in procurement, supply chain, property, and digital services, including the yuu rewards program. The transaction is expected to be finalized by the end of the first quarter of 2027.