DFI Retail Group is dismantling a longstanding partnership to consolidate power over one of Asia's largest coffee chains. The Singapore-listed company will assume full control of more than 1,100 licensed Starbucks coffeehouses across seven markets, ending a 50-50 joint venture with Hongkong Caterers that has governed Maxim's Caterers since 1972.
The restructuring significantly streamlines DFI's portfolio. The company exits its stake in Maxim's Caterers and relinquishes ownership of international food brands including Genki Sushi, Ippudo, Shake Shack and The Cheesecake Factory, which Maxim's brought into Asia. In exchange, DFI receives approximately US$340 million in cash. Hongkong Caterers becomes the sole owner of the remaining Maxim's business, which operates more than 1,000 outlets across nine markets.
Maxim's Caterers, founded in Hong Kong in 1956 by the Wu family, became the joint venture structure in 1972 with Hongkong Caterers and the Jardine Matheson Group. DFI and Hongkong Caterers stated that day-to-day operations for both Starbucks and Maxim's businesses will remain unchanged during the transition.
The deal was announced by DFI on September 29 and is expected to complete by the end of the first quarter of 2027, subject to standard closing conditions.