DFI Retail Group will assume full control of the Starbucks licensed business across Singapore, Hong Kong, Macau, Thailand, Vietnam, Cambodia and Laos through a reorganisation involving its subsidiary Hayselton Enterprises and Maxim’s Caterers. The business operates more than 1,100 coffeehouses. DFI will sell its 50% stake in the Hong Kong-based catering group and receive about US$340 million in cash, while Maxim’s will retain its restaurant, bakery and catering operations. Completion is targeted for March 2027. DFI said the consolidated Starbucks business could contribute between US$600 million and US$650 million to subsidiary revenue from April through December 2027 and up to US$900 million in 2028. Revenue growth could compound at 6% to 7% annually from 2026 to 2029, supported by a footprint of 1,350 coffee shops and a mid-term operating margin of 8% to 9%. DFI raised its 2027 dividend payout ratio to 80% and maintained its 2028 underlying profit outlook at US$310 million to US$350 million. Andrew Wong, currently CEO of DFI’s IKEA business, will lead the combined Starbucks and IKEA operations.