卖咖啡不够了？星巴克中国“易主”后的“卖衣服”生意经Not enough coffee to sell? Starbucks China's "Selling Clothes" Business after the Change of Owner
（本文作者为 异观财经，钛媒体经授权发布）
文 | 异观财经，作者 | 炫夜白雪
今日起，星巴克正式在全国400多家指定门店上新 “星巴克熊店长小镇系列”服饰，开始卖起了工装马甲、T恤和外套，这是星巴克首次在国内门店大规模销售服饰类商品。
星巴克作为咖啡界“周边大户”，卖杯子、卖联名大家都习以为常，但跨界卖服装，还是首次，这一举动引发社会关注，并冲上热搜。
外界对于星巴克跨界买衣服的举动，给出的反馈可谓是“冰火两重天”。有消费认为这次的设计走的是当下流行的日系潮牌工装风（类似之前他们和日本BEAMS联名的调性），熊店长的布标和刺绣也比较克制、有质感，戳中了不少核心粉丝和潮流爱好者的审美。
也有消费者认为，一件T恤279元、一件马甲399元、外套459元，简直是“抢钱“，并认为这个价格是收割“粉丝滤镜”，性价比不高，且门店不设试衣间、款式随机、售完为止的玩法，更像是一场“限时饥饿营销”。
消费者给出了不同的市场反馈，但我们也要洞察星巴克此举背后，释放了哪些信号？
业绩承压：寻找咖啡之外的第二增长曲线
星巴克2026财年第二季度财报数据显示，星巴克中国实现营收7.998亿美元，同比增长8%，可比门店销售额微增0.5%，其中交易量增长2.1%，客单价下降1.6%。
值得注意的是，2025财年底，星巴克中国门店数达8011家，共进入1091个县级市场。二季度中国门店数出现下滑，较上季度末减少了20家。星巴克称主要原因是“回归星巴克”战略导致Q1有48家门店关闭，部分被季度内新开门店数所抵消。
星巴克发布的2026财年第二财季财报显示，渠道开发实现营收5.3亿美元，同比猛增39%，主要受即饮产品、周边/授权商品热销、门店外零售渠道扩张驱动。这似乎让星巴克看到了新的增长点。
星巴克这种“主业卖咖啡，副业利用核心IP/品牌符号跨界卖衣服”的做法，在商界被称为“生活方式品牌化”（Lifestyle Branding），是一种超越传统产品功能营销的战略性商业手段。
它不单推销产品本身，而是将品牌形象与目标受众的向往价值、兴趣爱好以及文化体验深度融合，其核心目标在于建议深层的情感联结，是品牌产品成为消费者定义个人身份和生活方式的一部分。
其实，星巴克跨界卖衣服的做法并不稀奇，在餐饮界、汽车界、家居/零售界等不同行业里，这种“不务正业”的做法赚得盆满钵满，甚至把副业做成潮牌的案例也屡见不鲜。
麦当劳官方曾多次在不同国家和地区推出过包含巨无霸图案及元素的限量版卫衣、袜子等服饰。早在2019年，麦当劳曾在全球开设线上周边专卖店，推出了大面积印有巨无霸汉堡、芝麻粒和薯条图案的连帽卫衣、运动短裤与“薯条袜子”等，引发全球粉丝抢购。
近日，麦当劳还与泡泡玛特旗下人气IP“星星人”推出限定新品与定制周边，据媒体报道，联名正式上线15分钟后机15分钟后即告罄，热门款“薯条星人”更是在上线1分钟内被抢空。除了门店抢购热潮，二手市场亦出现明显溢价，原价59.9元的玩具上浮约30%，就连赠品餐垫纸也被明码标价单独出售。
国内造车新势力蔚来更是把这一招玩到了极致。蔚来旗下的 NIO Life 有自己的独立服装设计师团队，其商城里卖的冲锋衣、羊绒衫和羽绒服，销售额惊人。车主们（甚至非车主）穿着这些衣服，就是对该品牌生活方式和圈层的最大认同。
这些案例背后，藏着三大商业逻辑：
1、 从“功能消费”变成“情感代入”：星巴克不只是咖啡因，更是白领生活。星巴克卖马甲、T恤等，它可能更希望你把它的IP（熊店长）穿在身上，通过服装这种高频、外露的载体，把品牌粉丝变成它移动的广告牌。
2、 降低粉丝的人场门槛：以汽车为例，汽车的消费门槛高，且更换频次不高，消费者不会天天高消费，但是通过几百元的T恤或者其他周边，能让消费者天天与品牌产生互动。
3、 极高的毛利与清库存逻辑：衣服的溢价空间远超食品和原材料。通过“限定、限时、限量”的玩法，品牌不需要承担传统服装品牌的压货风险。
易主之后：从“第三空间”到“千店千面”
近些年，随着消费者代际变化，以及茶、餐饮企业陆续加入咖啡赛道，瑞幸咖啡等中国本土竞争者也对星巴克形成强有力的冲击，其传统的打法在中国市场已失灵，最终，星巴克这个百年咖啡巨头，把中国这块重要的海外市场，卖给了一家中国的私募基金。
2026年4月，星巴克宣布与博裕资本的合资交易正式完成，星巴克中国彻底告别了26年的“全外资纯直营“模式，正式迈入由中国本土资本控股的特许合资经营时代。
“易主”之后，星巴克中国在战略上也发生了明显转变，从以前的高冷、精英调性，转变为更激进、更接地气、更本土化。
1、激进的门店扩张战略：从直营求精到20000家店的特许扩张。
博裕控股后，中国现有的8000多家直营门店在财务和管理上转为特许经营模式，甚至喊出长期扩展至2万家门店的宏伟目标。
星巴克方面表示，星巴克中国团队计划在未来三年将覆盖的县级城市从目前超过1000个扩至超过1500个，这就意味着，星巴克要主动去县城和三四五线城市下沉市场，与瑞幸、库迪和蜜雪冰城抢夺蛋糕。
2、店型与场景的变化：告别大店模式，转做“千店千面”
星巴克一直在强调咖啡是一种生活方式，自1999年1月进入中国市场以来，其通过“第三空间”，吸引了众多白领、中产以及年轻人的喜爱，“第三空间”更成为星巴克的品牌标志。
过去星巴克打造的“第三空间”，在激烈竞争的当下，这种模式太重、太慢了。“易主”后，门店扩张战略也随之改变，以轻量化店型为主，推广80-120平米、甚至最小仅10平米的轻量、档口店型。针对下沉市场年轻人“即买即走”的习惯，减少了堂食座位，重点配置外卖窗口。
4月8日，星巴克中国在上海开了易主后的首场公开论坛，发布新战略“千店千面”，五大方向：专业咖啡、产品创新、场景拓展、一店一社区、AI主力人文联结。门店扩张方面，不再复制千篇一律的标准化门店，而是让门店适配不同社区。
星巴克近期围绕IP卖服装和周边，恰是易主后战略转变的体现。博裕资本层投资过蜜雪冰城、小红书等，深谙中国年轻人的消费心理和社交玩法，更懂“流量密码”。
此次通过跨界卖衣服和周边，是利用星巴克品牌资产做副业，通过服饰、限定IP、潮牌联名等高毛利商品来提升门店利润，同时利用社交媒体制造话题，保持品牌热度和年轻感，帮助老品牌焕发新生机。
星巴克跨界卖衣服，是“试水”限定营销，还是未来有望成为撑起公司第二增长曲线，还有待观察。
短期来看，星巴克卖服装不是主要目前，其是想通过制造社交话题，用衣服放大IP价值，提高单店利润，打赢本土竞争战。
长期来看，是想把星巴克从“咖啡连锁店”，打造为生活方式IP平台，以此支撑2万家门店扩张目标。
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(The author of this article is Yiguan Finance, authorized by Titanium Media for publication)
Article | Strange Finance and Economics, Author | Dazzling Night Snow White
Starting today, Starbucks officially launched the new "Starbucks Bear Store Manager Town Series" clothing in over 400 designated stores nationwide, starting to sell workwear vests, T-shirts, and jackets. This is the first time Starbucks has sold clothing products on a large scale in domestic stores.
As a major player in the coffee industry, Starbucks is accustomed to selling cups and collaborations. However, this is the first time it has crossed over to sell clothing, which has attracted social attention and made it to the hot search.
The feedback from the outside world on Starbucks' cross-border clothing purchase can be described as a "mixed bag". Some consumers believe that this design follows the current popular Japanese fashion brand workwear style (similar to their previous collaboration with BEAMS in Japan), and the fabric label and embroidery of the bear store manager are also restrained and textured, which has touched the aesthetic of many core fans and trend enthusiasts.
Some consumers also believe that a T-shirt priced at 279 yuan, a vest priced at 399 yuan, and a jacket priced at 459 yuan are simply "grabbing money", and they think that this price is a "fan filter" for harvesting, with low cost-effectiveness. Moreover, the store does not have fitting rooms, random styles, and a strategy of selling out until sold out, which is more like a "limited time hunger marketing".
Consumers have given different market feedback, but we also need to understand what signals Starbucks has released behind this move?
Performance under pressure: seeking a second growth curve beyond coffee
According to Starbucks' Q2 2026 financial report data, Starbucks China achieved revenue of 799.8 million US dollars, a year-on-year increase of 8%. Comparable store sales increased slightly by 0.5%, with transaction volume increasing by 2.1% and average order value decreasing by 1.6%.
It is worth noting that by the end of fiscal year 2025, Starbucks China will have 8011 stores, entering a total of 1091 county-level markets. The number of stores in China declined in the second quarter, with a decrease of 20 compared to the end of the previous quarter. Starbucks stated that the main reason was the "return to Starbucks" strategy, which resulted in 48 store closures in Q1, partially offset by the number of new stores opened during the quarter.
Starbucks' second quarter financial report for the 2026 fiscal year shows that channel development achieved revenue of $530 million, a year-on-year increase of 39%, mainly driven by hot sales of ready to drink products, peripheral/authorized products, and expansion of retail channels outside of stores. This seems to have given Starbucks a new growth point.
Starbucks' approach of selling coffee as its main business and cross selling clothes using core IP/brand symbols as a secondary business is known as "Lifestyle Branding" in the business world, which is a strategic business strategy that goes beyond traditional product functional marketing.
It not only promotes the product itself, but also deeply integrates the brand image with the desired values, interests, and cultural experiences of the target audience. Its core goal is to suggest a deep emotional connection, which is a part of the brand product becoming a consumer's definition of personal identity and lifestyle.
In fact, it is not uncommon for Starbucks to cross over and sell clothes. In different industries such as catering, automotive, and home/retail, this "off-duty" approach earns a lot of money, and even cases of turning side businesses into trendy brands are not uncommon.
McDonald's has repeatedly released limited edition hoodies, socks, and other clothing featuring the Big Mac logo and elements in different countries and regions. As early as 2019, McDonald's had opened online peripheral specialty stores worldwide, launching hooded sweatshirts, sports shorts, and "french fry socks" with large areas printed with Big Mac burgers, sesame seeds, and french fries patterns, which sparked global fan buying.
Recently, McDonald's also launched limited edition new products and customized merchandise with the popular IP "Star People" under Pop Mart. According to media reports, the joint venture was sold out 15 minutes after its official launch, and the popular "French Fry Star People" was sold out within 1 minute of its launch. In addition to the rush to buy in stores, there is also a significant premium in the second-hand market, with toys originally priced at 59.9 yuan rising by about 30%, and even free meal mats being sold separately at clear prices.
The new domestic car making force NIO has taken this move to the extreme. NIO Life, a subsidiary of NIO, has its own independent fashion designer team, and its mall sells assault jackets, cashmere sweaters, and down jackets with astonishing sales. Car owners (even non car owners) wearing these clothes is the greatest recognition of the brand's lifestyle and circle.
Behind these cases, there are three major business logics:
1. From "functional consumption" to "emotional immersion": Starbucks is not just about caffeine, but also about white-collar life. Starbucks sells vests, T-shirts, and more, and it may prefer that you wear its IP (Bear Store Manager) on your body, using clothing as a high-frequency, visible medium to turn brand fans into its mobile billboards.
2. Lowering the audience threshold for fans: Taking cars as an example, the consumption threshold for cars is high, and the frequency of replacement is not high. Consumers will not spend high every day, but through T-shirts or other accessories worth a few hundred yuan, they can interact with the brand every day.
3. High gross profit margin and inventory clearance logic: The premium space for clothing far exceeds that for food and raw materials. Through the gameplay of "limited time, limited time, limited quantity", brands do not need to bear the risk of traditional clothing brand overstocking.
After changing ownership: from "Third Space" to "Thousand Stores and Thousand Faces"
In recent years, with the generational changes in consumers and the gradual entry of tea and catering companies into the coffee industry, local competitors such as Luckin Coffee have also had a strong impact on Starbucks. Their traditional approach has failed in the Chinese market, and ultimately, Starbucks, a century old coffee giant, sold this important overseas market to a Chinese private equity fund.
In April 2026, Starbucks announced the completion of its joint venture with Boyu Capital, marking the end of Starbucks China's 26 year "all foreign, pure direct operated" model and the official entry into the era of franchise joint ventures controlled by local Chinese capital.
After the change of ownership, Starbucks China has undergone a significant shift in strategy, from its previous aloof and elite tone to a more radical, down-to-earth, and localized approach.
1. Radical store expansion strategy: from direct sales to franchise expansion of 20000 stores.
After Boyu Holdings, more than 8000 directly operated stores in China have switched to a franchise model in terms of finance and management, and even announced a grand goal of expanding to 20000 stores in the long term.
Starbucks has stated that its China team plans to expand its coverage of county-level cities from over 1000 to over 1500 in the next three years. This means that Starbucks will take the initiative to penetrate the market in county towns and third -, fourth -, and fifth tier cities, competing with Luckin, Kudi, and Milkship to grab the cake.
2. Changes in store type and scene: Say goodbye to the large store model and switch to "thousands of stores and thousands of faces"
Starbucks has always emphasized that coffee is a way of life. Since entering the Chinese market in January 1999, it has attracted the love of many white-collar workers, middle class, and young people through its "third space", which has become the brand logo of Starbucks.
The "third space" created by Starbucks in the past is too heavy and slow in the current fierce competition. After the change of ownership, the store expansion strategy also changed, focusing on lightweight store types and promoting lightweight and stall store types ranging from 80-120 square meters, or even as small as 10 square meters. In response to the "buy and go" habit of young people in the sinking market, we have reduced the number of dine in seats and focused on configuring delivery windows.
On April 8th, Starbucks China held its first public forum in Shanghai after the change of ownership, announcing a new strategy called "Thousand Stores, Thousand Faces" with five major directions: professional coffee, product innovation, scene expansion, one store, one community, and AI driven humanistic connection. In terms of store expansion, we will no longer replicate standardized stores, but adapt stores to different communities.
Starbucks' recent focus on selling clothing and merchandise through IP is a reflection of its strategic shift after the change of ownership. Boyu Capital has invested in companies such as Meixue Ice City and Xiaohongshu, and has a deep understanding of the consumption psychology and social gameplay of young Chinese people, as well as the "traffic code".
This time, by selling clothes and accessories across borders, we are using Starbucks brand assets as a side business to increase store profits through high margin products such as clothing, limited IP, and trendy brand collaborations. At the same time, we are using social media to create topics, maintain brand popularity and youthfulness, and help old brands regain new vitality.
It remains to be seen whether Starbucks' cross-border clothing sales are a "trial run" of limited marketing, or whether they have the potential to become the backbone of the company's second growth curve in the future.
In the short term, Starbucks' clothing sales are not the main focus. Its goal is to create social topics, amplify the value of its IP through clothing, increase individual store profits, and win the local competition.
In the long run, the goal is to transform Starbucks from a "coffee chain store" into a lifestyle IP platform, in order to support the expansion goal of 20000 stores.
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