DFI forecasts US$900 million in Asian Starbucks revenue by 2028 as seven-market integration comes into focus

DFI Retail Group plans to take over the Starbucks franchise operations in seven Asian markets. The accompanying financial disclosures offer those considering Hong Kong’s franchise market an insight into the operating scale of a major brand. The business generated around US$750 million in revenue in 2025. DFI expects full-year revenue to reach around US$900 million in 2028, with integration and optimisation delivering an additional US$10 million in synergies in the first year. These forward-looking figures remain group estimates, not realised results.

More than 1,100 stores across seven markets: what do the revenue figures cover?

On 30 September 2026, DFI announced an agreement with Hongkong Caterers Limited to restructure its interests in Maxim’s. The arrangement includes selling its indirectly held 50% stake in Maxim’s Caterers and taking over Coffee Concepts, the Starbucks franchise business previously held by Maxim’s. Coffee Concepts will become wholly owned by DFI.

Coffee Concepts operates more than 1,100 coffee shops across Thailand, Hong Kong, Macau, Vietnam, Singapore, Cambodia and Laos. The disclosed revenue and profitability figures therefore reflect a multi-market business, rather than the standalone performance of its Hong Kong stores.

For anyone assessing franchise opportunities in Hong Kong, the first step when reading news about large franchise operators is to identify the geographical and business scope of the figures. Combined revenue across seven markets is not a direct indicator of demand for coffee in Hong Kong, nor should it be used to estimate turnover at individual Hong Kong stores.

Separate the 2025 results from the 2028 forecast

According to the published information, the Starbucks business generated around US$750 million in revenue in 2025, with an underlying operating profit margin of approximately 7%. These figures show the scale of the business and its operating profitability respectively; they do not represent revenue or profit at individual stores.

DFI expects the business to contribute around US$600 million to US$650 million in revenue from April to December 2027, with full-year revenue forecast to reach around US$900 million in 2028. The former covers nine months and the latter a full year, so the two amounts should not be treated as a like-for-like growth comparison.

Equally importantly, the 2025 figures are historical results, while those for 2027 and 2028 are forecasts. Investors assessing the brand’s operating model should record them separately to avoid treating expected revenue as confirmed business performance.

First-year synergies of US$10 million have yet to be realised

DFI estimates that integrating and optimising the business could deliver around US$10 million in synergies in the first year. This estimate forms part of the post-transaction operating outlook. It should not be confused with the underlying operating profit margin reported for 2025, nor taken to mean that every store will see the same proportional improvement in earnings.

The group said Hongkong Caterers, DFI and Jardine Matheson would continue to collaborate in areas including procurement, supply chain, property, digital services and the yuu rewards programme. These arrangements provide context for monitoring integration progress, but subsequent disclosures of actual performance will be needed to establish whether the expected benefits materialise.

For those considering Hong Kong’s franchise market, this also illustrates why assessing a major brand requires more than looking at its total store count or revenue targets. Cost management, support arrangements and profitability deserve continued attention too.

Completion timing sets the starting point for tracking results

The transaction remains subject to customary completion conditions and is expected to complete by the end of the first quarter of 2027. DFI’s forecast revenue contribution for 2027 starts in April of that year. At this stage, investors should monitor both the completion timetable and subsequent results disclosures, rather than treating the proposed arrangements as a done deal.

The key financial questions are how this multi-market franchise business progresses from its existing revenue base towards its forecast targets, and whether the integration benefits are realised over time. The standalone performance of Hong Kong stores cannot be judged from the combined figures for all seven markets.

Practical tip: when assessing a brand, organise historical results, future forecasts and estimated synergies separately. Note the market coverage and reporting period for each figure to support meaningful comparisons.