DFI Retail Group plans to exchange its indirect 50% stake in Maxim’s Caterers for Maxim’s existing Starbucks licensed-business interests, plus about US$340 million paid to DFI, under a September 30 agreement. The licensed network covers seven Asian markets: Thailand, Hong Kong, Singapore, Vietnam, Cambodia, Macau and Laos.
DFI targets completion by the end of March 2027. Its wholly owned Hayselton subsidiary signed the conditional agreement with Maxim’s, which would buy back DFI’s shares. The cash payment is subject to adjustment.
Closing is subject to third-party consents, antitrust clearance and internal separation of the Starbucks business.
After completion, Andrew Wong, DFI’s IKEA chief executive, would lead both the Starbucks and IKEA licensed businesses. Hong Kong Caterers would become Maxim’s sole shareholder, according to DFI’s presentation.
Maxim’s partnership with Starbucks began in Hong Kong in 2000. In September 2017, Starbucks announced an agreement to fully license its Singapore operations to Maxim’s, giving the restaurant operator exclusive rights to run and develop Starbucks stores there. Starbucks had entered Singapore in 1996, so that agreement covered an established business alongside future development.
DFI’s October 1 presentation puts the network at 1,110 coffeehouses as of June 2026. Its operating plan aims to build lunch, afternoon and evening visits alongside the core morning business. It proposes a health-focused range, selective Reserve locations and expansion in Thailand and Vietnam.
QSR Pro Staff
The QSR Pro editorial team covers the quick service restaurant industry with in-depth analysis, data-driven reporting, and operator-first perspective.
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