30th September 2026 – (Singapore) DFI Retail Group and Hongkong Caterers Limited announced an agreed reorganisation of their interests in Maxim’s Caterers Limited and its subsidiaries, setting up independently led growth for both the Starbucks licensed business and Maxim’s restaurant portfolio while preserving long‑standing strategic partnerships.
Under the plan, DFI will assume Maxim’s interest in Coffee Concepts, the Starbucks licensed business operating more than 1,100 coffeehouses across Thailand, Hong Kong SAR, Macau SAR, Vietnam, Singapore, Cambodia and Laos. The transition is intended to accelerate expansion of the Starbucks brand and footprint in key Asian markets, with DFI committing to invest alongside Starbucks to enhance customer and partner experiences.
Hongkong Caterers will become the sole shareholder of Maxim’s Caterers Limited, continuing to operate and grow a portfolio of more than 1,000 restaurants and bakeries across the Chinese Mainland, Hong Kong SAR, Macao SAR, Thailand, Vietnam, Singapore, Malaysia and Cambodia, alongside award‑winning festive products. The group said it will keep investing in people, capabilities and offerings to support future growth.
Day‑to‑day operations across both the Starbucks licensed business and Maxim’s Caterers will remain unchanged following completion. DFI Retail Group, Hongkong Caterers and Jardine Matheson will maintain their partnership across procurement, supply chain, property and digital initiatives, including loyalty through yuu Rewards.
Scott Price, Group Chief Executive of DFI Retail Group, said the move marks the final milestone in DFI’s shift from a portfolio company to a focused operating company and positions the group, together with Starbucks, to support the next phase of growth for the licensed business. Michael Wu, Chairman and Managing Director of Hongkong Caterers Limited and Maxim’s Caterers Limited, thanked DFI and Jardines for decades of partnership, expressed confidence in Coffee Concepts under DFI’s stewardship, and said Maxim’s will pursue opportunities across the Chinese Mainland, Hong Kong, Macau, Southeast Asia and beyond. Jardine Matheson Executive Chairman Ben Keswick described Maxim’s as one of the group’s most enduring partnerships and said Jardines will continue to work with Hongkong Caterers while supporting growth of the Starbucks licensed business through DFI.
Founded in 1956, the Maxim’s brand became a joint venture between Hongkong Caterers and Jardine Matheson in 1972; for the past four decades Jardines’ interests have been held through DFI Retail Group. Over that period Maxim’s has grown into one of Asia’s largest food and beverage groups, operating more than 2,000 stores across nine markets.
The reorganisation is subject to customary closing conditions and is expected to complete by the end of the first quarter of 2027.
As at 30th June 2026, DFI Retail Group and its associates operated 7,659 outlets and employed more than 81,000 people across 12 markets, with leading brands spanning health and beauty, convenience, food, home furnishings and restaurants. Maxim’s Group continues to operate a diversified portfolio across Chinese, Western, Japanese and Southeast Asian cuisines, fast food, bakery and catering, and partners with internationally recognised names including Genki Sushi, Ippudo, COVA, The Cheesecake Factory, Shake Shack and The Lawry’s Steakhouse.
DFI added that the Starbucks licensed operations are expected to scale further over the medium term through increased store density and productivity improvements, with management aiming to expand the coffeehouse footprint materially while realising efficiencies in procurement, overheads and real estate. The company said these moves align with Starbucks’ push to accelerate growth in international licensed markets, even as the brand pursues separate structural changes in China under a newly formed joint venture.
