Maxim’s Plans Asian Growth for Restaurant and Bakery Brands

Maxim’s Caterers plans to keep expanding its restaurant, bakery and catering businesses across Asia as a proposed ownership reorganisation separates them from its regional Starbucks operations. For Singapore’s franchise community, the development puts the future of the remaining brand portfolio — including Genki Sushi and Shake Shack — in focus.

Restaurant and bakery portfolio stays with Maxim’s

According to The Straits Times’ report on 30 September 2026, Hongkong Caterers will become the sole owner of the remaining Maxim’s business under an agreement with DFI Retail Group. That business has a portfolio of more than 1,000 outlets across nine markets.

Maxim’s will continue operating its restaurant, bakery and catering brands, with investment in expansion across mainland China, Hong Kong, Macau and South-east Asia. The companies also outlined plans for employee development alongside the continued growth of the business.

Lianhe Zaobao’s report identifies Genki Sushi, Shake Shack and The Cheesecake Factory among the restaurant brands for which Maxim’s holds franchise rights in Asia. Those rights form part of a broader portfolio that will remain separate from the Starbucks business being transferred to DFI.

The reports do not set out a brand-by-brand opening schedule or identify new Singapore sites. The expansion plans should therefore be read as a regional direction for Maxim’s, rather than confirmation of additional outlets for any particular brand in Singapore.

Sole ownership replaces a shared structure

The proposed transaction ends the longstanding joint ownership of Maxim’s by DFI and Hongkong Caterers. DFI currently holds a 50% interest but does not have operational control, which is why Maxim’s is treated as an associate in its business structure.

Under the agreement, DFI will give up its entire stake in Maxim’s and receive approximately US$340 million in cash, alongside taking over the regional Starbucks-licensed business. Hongkong Caterers, a Hong Kong-based private company, will own the remaining Maxim’s business outright.

This creates two distinct ownership paths: DFI will directly control the Starbucks operations covered by the deal, while Hongkong Caterers will have sole ownership of Maxim’s remaining restaurant, bakery and catering operations.

For franchise community readers, that distinction matters when assessing the announcement. DFI’s exit from Maxim’s does not mean that Maxim’s is giving up its retained restaurant brands or announcing the closure of its remaining businesses. The stated plan is continued operation and expansion under a different ownership structure.

Operations to continue during the transition

DFI and Hongkong Caterers said day-to-day operations at both the Starbucks and Maxim’s businesses would remain unchanged during the transition, The Straits Times reported.

The transaction is expected to be completed by the end of the first quarter of 2027, subject to customary closing conditions. Lianhe Zaobao reported that the agreement requires relevant competition approvals, third-party approvals and the internal separation of Starbucks from Maxim’s other businesses.

These conditions mean the announced structure is not yet a completed change of ownership. They also distinguish the proposed transaction from an immediate change to how the retained brands operate.

For customers, employees and commercial partners following the news, the companies’ continuity statement is the clearest operational guidance in the reports. It applies during the transition; the research does not provide detailed commitments about individual outlets, menus, staffing arrangements or future franchise agreements.

What Singapore’s franchise community should watch

The next useful developments will be confirmation of completion and more specific announcements about the retained brands’ expansion. The regional growth commitment gives a direction, but not a Singapore investment timetable or a list of available franchise opportunities.

It is also important to keep the two outlet networks separate. The more than 1,000 outlets across nine markets describe the remaining Maxim’s portfolio. The more than 1,100 Starbucks coffeehouses across seven markets belong to the business being transferred to DFI. Neither figure represents a Singapore-only network.

Practical takeaway: Singapore franchise operators and prospective partners should distinguish Maxim’s continued regional growth plans from confirmed local opportunities. Check for brand-specific announcements and completion of the ownership reorganisation before making expansion or partnership decisions.