Starbucks is exploring options for its Japanese business, including a potential stake sale and an initial public offering (IPO), company sources said on June 10, 2026 [1, 2, 3, 4, 5, 6]. The Japan unit operates approximately 2,100 stores, most of which Starbucks directly manages [1, 2, 3, 4, 5, 6].
The potential stake sale could value the Japan business between 400 billion yen and 500 billion yen, equivalent to about US$2.5 billion to $3.7 billion [1, 2, 3, 4, 5, 6]. Starbucks has held preliminary discussions with investment banks to explore the best approach but has not made any final decisions, emphasizing that talks are still at an early stage [1, 2, 3, 4, 6].
This consideration follows Starbucks' recent transaction in China, where it sold a 60% stake in its retail operations to Boyu Capital in April 2026. A Starbucks statement called the China sale "a significant milestone in the company’s long-term strategy to unlock sustainable, disciplined growth" [1, 2, 4].
Starbucks CEO Brian Niccol described the Japan business results for the last quarter as “outstanding” due to strong sales over the New Year period, increased tourism, and new product launches [1]. The company reported global comparable store sales growth of 6.2% in the second quarter of 2026, with Starbucks shares up about 16% so far this year [1, 2, 4].
Starbucks first entered Japan in 1995 with a joint venture with Sazaby League Ltd and took the company public locally in 2001. It later acquired full ownership by 2015 and delisted the unit from the stock market [1, 4].
The potential Japan stake sale would mark another major step in Starbucks' strategy to monetize key markets while maintaining operational control. Talks with banks continue as the company evaluates market conditions and strategic options for the Japan business [1, 2, 3, 4, 5, 6].
