DFI Retail to take full control of Starbucks-licensed business
SBUX•DFI Retail said a unit will assume Maxim’s interests in Starbucks-licensed businesses across seven Asian markets, receiving $340 million in cash. DFI raised its 2027 dividend payout ratio to 80% and maintained its 2028 underlying profit outlook of $310 million to $350 million.
1. Licensed business deal
DFI Retail said its unit will assume Maxim’s Caterers’ existing interests in Starbucks-licensed businesses across Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos, receiving $340 million in cash. Maxim’s currently operates more than 1,100 Starbucks coffeehouses across the seven markets.
2. Dividend and profit outlook
DFI said the Starbucks business would be “immediately revenue and operating margin accretive” to its core retail business after completion, with further upside from operating synergies. Separately, the company raised its 2027 dividend payout ratio to 80% and maintained its 2028 underlying profit outlook of $310 million to $350 million.
