Maxim’s Caterers has agreed to repurchase a 50 percent stake in the company from DFI Retail Group for US$340 million, along with control of DFI’s licensed Starbucks business, according to a recent exchange filing. The transaction marks the conclusion of decades-long partial ownership by Jardine Matheson, which controls DFI Retail.
Jardine Matheson initially acquired half of Maxim’s in 1972 before transferring the stake to its subsidiary, Dairy Farm—now called DFI Retail. The remaining 50 percent of Maxim’s remains under the ownership of the Wu family through Hongkong Caterers. Under the new agreement, DFI Retail will assume operations of more than 1,100 Starbucks outlets across Asia and receive a cash payment in return for its equity interest in Maxim’s. The shares will be transferred back to the Wu family, who have led Maxim’s since its founding in the 1950s.
In a statement, DFI Retail framed the deal as a strategic reorganisation, retaining collaborative partnerships with Hongkong Caterers and Jardine Matheson in areas such as procurement, supply chain, property, and digital services. “The transition of the Starbucks licensed business to DFI marks the final milestone in our strategic pivot from a portfolio to a focused operating company and sits squarely within our purpose – to sustainably serve Asia for generations with everyday moments,” said Scott Price, CEO of DFI Retail.
The Starbucks licensed operation covers over 1,100 locations across seven Asian markets, including Hong Kong, Singapore, Thailand, Cambodia, and Vietnam. DFI anticipates immediate revenue contributions from the Starbucks business and expects it to enhance the operating margins of its core retail segment, generating potential synergies with its other brands. Last year, the Starbucks outlets produced approximately US$750 million in revenue with an operating margin of 7 percent. Projections indicate revenue could rise to US$900 million by 2028.
Aside from Starbucks, DFI Retail manages several other retail chains across Asia, including Wellcome supermarkets, Mannings health and beauty stores, and 7-Eleven convenience shops. Maxim’s, established in 1956 by brothers James Wu and S.T. Wu, operates over 2,000 food and beverage outlets throughout Hong Kong, mainland China, Southeast Asia, and other regions.
Michael Wu, chairman and managing director of Hongkong Caterers and Maxim’s Caterers, highlighted the company’s diverse business portfolio as a strength for capturing future growth opportunities. Ben Keswick, executive chairman of Jardine Matheson, expressed optimism about ongoing collaboration with the Wu family and support for the Starbucks licensed business’s expansion under DFI Retail.
The transaction remains subject to customary closing conditions and is expected to be finalized by the end of the first quarter of 2027.