Retail Asia

DFI Retail Group is set to take over Starbucks' Singapore business through an asset exchange with its long-time F&B partner, in a deal worth around US$340 million. The move makes DFI the operator of Starbucks stores in Singapore rather than a landlord partner, deepening its food and beverage footprint. Market watchers are weighing what the price tag means for DFI's growth strategy in Southeast Asia.

The holding companies behind Singapore restaurant brand Crystal Jade have been placed under receivership, prompting a restructuring of the group's corporate affairs. Reports from CNA, Inside Retail Asia and Mothership confirm the move, but all stress that Crystal Jade restaurants in Singapore remain open and continue trading as normal while the process unfolds.

DFI Retail Group has agreed to take over Maxim's Caterers' Starbucks-licensed store business across seven Asian markets, according to Reuters. The deal would shift responsibility for hundreds of Starbucks outlets currently operated under licence by Hong Kong-based Maxim's to DFI, one of Asia's largest food and convenience retailers. Details on pricing and timelines have not yet been widely reported.