Maxim’s and Starbucks restructuring: daily operations to remain unchanged, with procurement and yuu partnerships continuing

Significant ownership changes are planned for Maxim’s and its Starbucks business, but changes to day-to-day store operations are not the focus of the announcement. According to a report by HK01 dated 30 September 2026, DFI Retail Group has reached an agreement with Hong Kong Caterers, which is controlled by the Wu family. The parties said that daily operations at both the Starbucks franchise business and Maxim’s Caterers Limited would remain unchanged after the restructuring. Cooperation on procurement, supply chains and membership rewards programmes will also continue.

Ownership changes do not mean changes to store operations

Under the agreement, all interests in Coffee Concepts, Maxim’s Starbucks franchise business, will transfer to DFI Retail Group and come under its management. Meanwhile, DFI will exit Maxim’s. Hong Kong Caterers, which currently owns Maxim’s in equal shares with DFI, will become its sole shareholder.

For those involved in or exploring Hong Kong’s franchise market, the announcement should be considered on two separate levels: changes to business ownership and management, and the daily running of cafés, restaurants and bakery shops. The report confirms changes to the former while explicitly stating that day-to-day operations at both businesses will remain unchanged after completion. An ownership transfer alone should therefore not be taken to mean that Hong Kong outlets will change their service arrangements, operating models or franchising policies.

Just as importantly, the transaction has yet to be completed. The restructuring is subject to customary closing conditions and is expected to be completed by the end of the first quarter of 2027. The announcement of an agreement should not be treated as a completed handover.

Procurement, supply chain and property partnerships will continue

The arrangement does not mean that all existing partnerships will be severed. According to the report, Hong Kong Caterers, DFI Retail Group and Jardine Matheson will continue their partnerships in areas including procurement, supply chains, property and digital services. Strategic cooperation will also continue in areas such as the yuu rewards programme.

This is an important part of understanding the restructuring: businesses can have different owners while retaining some shared support arrangements and commercial partnerships. Prospective franchisees researching how brands operate should look beyond who owns the relevant business and consider which partnerships underpin procurement, distribution, property and digital support.

However, the report does not disclose the specific contractual terms, charges or duration of these partnerships. Continued cooperation should not be interpreted as a guarantee that all costs and terms will remain unchanged indefinitely. Nor does it provide enough information to assess whether individual outlets will benefit from lower procurement costs. These points will need to be checked against subsequent official information or the applicable contracts.

Distinguish the scope of the regional network figures

Coffee Concepts currently operates more than 1,100 cafés across seven Asian markets: Thailand, Hong Kong, Macao, Vietnam, Singapore, Cambodia and Laos. This figure covers the entire regional network, not just Starbucks outlets in Hong Kong.

Through Maxim’s, Hong Kong Caterers will continue to operate and expand a business comprising more than 1,000 restaurants and bakery shops across eight markets: mainland China, Hong Kong, Macao, Thailand, Vietnam, Singapore, Malaysia and Cambodia. It will also continue supplying seasonal products, including Maxim’s mooncakes, to customers worldwide.

The two sets of figures cover different business categories and geographical areas. They cannot be used directly to compare growth in Hong Kong’s café and restaurant outlets, or to estimate the number of local franchised outlets. For readers focused on Hong Kong, these figures describe the businesses’ regional footprint rather than new store openings or local franchise recruitment.

What should prospective franchise partners check next?

The practical lesson for those interested in Hong Kong’s franchise market is that ownership changes and operational continuity can coexist. Moving a brand-related business under another group’s management does not automatically mean that store contracts, supply terms or membership arrangements have changed. Equally, assurances that daily operations will remain unchanged are no substitute for checking individual commercial responsibilities.

When exploring potential partnerships, first confirm whether the transaction has completed. Then verify the relevant contracting entity, the scope of any authorisation, supply arrangements and responsibility for digital services. The report does not announce any new franchise opportunities for individuals, nor does it set out franchise fees or application criteria. The restructuring announcement should not be treated as an invitation to apply.

Practical takeaway: distinguish between planned ownership changes and business as usual, then verify partnership terms against formal documents. Decisions involving procurement, property or membership services should not rest on restructuring headlines alone.