卖不掉的包袱，Costa的一张好牌是如何打烂的？

锐艺商业品牌观察01-14

食之无味弃之可惜，这就是如今的costa！2025年8月，可口可乐公司正在考虑出售旗下的Costa咖啡业务，这一消息在全球咖啡市场掀起了不小的波澜。据报道，可口可乐已聘请投行Lazard评估出售Costa咖啡的可能性，当时的标价可能仅为20亿英镑，几乎是可口可乐2018年出价39亿英镑的一半。然而短短五个月后，2026年1月14日，消息传来，可口可乐已放弃出售Costa Coffee的计划，原因是...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026011418440597a1c864&s=b><strong>锐艺商业品牌观察</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>食之无味弃之可惜，这就是如今的costa！2025年8月，可口可乐公司正在考虑出售旗下的Costa咖啡业务，这一消息在全球咖啡市场掀起了不小的波澜。据报道，可口可乐已聘请投行Lazard评估出售Costa咖啡的可能性，当时的标价可能仅为20亿英镑，几乎是可口可乐2018年出价39亿英镑的一半。然而短短五个月后，2026年1月14日，消息传来，可口可乐已放弃出售Costa Coffee的计划，原因是...</p>\n\n<a 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ACC","LU0234572021.USD":"高盛美国核心股票组合Acc"},"translate_title":"The baggage that cannot be sold, how is a good card of Costa broken?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CQQQ":0.6,"CWEB":0.6,"FXI":0.6,"MCHI":0.6,"ASHR":0.6,"YINN":0.85,"KO":1.95,"ASHS":0.6,"KWEB":0.6,"DRAG":0.6,"CHAU":0.6},"content_text":"食之无味弃之可惜，这就是如今的costa！2025年8月，可口可乐公司正在考虑出售旗下的Costa咖啡业务，这一消息在全球咖啡市场掀起了不小的波澜。据报道，可口可乐已聘请投行Lazard评估出售Costa咖啡的可能性，当时的标价可能仅为20亿英镑，几乎是可口可乐2018年出价39亿英镑的一半。然而短短五个月后，2026年1月14日，消息传来，可口可乐已放弃出售Costa Coffee的计划，原因是私募股权收购方的出价未达其预期。据两位知情人士透露，这家美国软饮巨头于去年12月终止了与剩余竞标者的谈判，叫停了这场持续数月的拍卖流程。01 .战略迷途可口可乐在2018年以39亿英镑的高价将全球第二大咖啡连锁品牌Costa收入囊中。这笔交易被当时视为可口可乐进军咖啡市场的重要布局，是詹姆斯·昆西上任CEO后最重要的并购之一。收购Costa的初衷源于可口可乐的战略焦虑。投资者一直批评可口可乐过于专注含糖饮料，没有跟上消费者更健康的喜好，多元化动作缓慢，致使销量停滞不前。可口可乐想要的是“咖啡而不是咖啡店”，收购是执行可口可乐的咖啡策略，而不是零售策略。然而七年过去，这场豪赌的结果令人失望。2023财年，Costa的营业收入为12.2亿英镑，虽比上年增长9%，但仍低于2018年被收购前的13亿英镑水平。更严峻的是，Costa在2023年录得税前亏损960万英镑。可口可乐CEO詹鲲杰在2025年7月的业绩会议上坦言，“从最初的投资假设来看，我们对Costa的投资并未达到预期”。他承认尽管业务本身仍然不错，但并未在多个增长方向上取得成果。02 .中国市场溃败Costa咖啡早在2006年就进入中国市场，比许多后来者都要早。它曾踌躇满志，放言要在中国追赶甚至超越星巴克，一度是市场中仅次于星巴克的“行业老二”。然而十余年过去，Costa在华的发展几乎停滞。截至2025年7月，Costa在中国的在营门店数仅为341家，而星巴克在中国门店数已高达7787家。瑞幸咖啡更是凭借超过2.6万家门店成为中国市场门店数第一的连锁咖啡品牌。Costa在中国市场的溃败堪称跨国品牌本土化失败的典型案例。其衰落始于核心市场定位的模糊与妥协。作为源自英国的咖啡连锁品牌，Costa最初进入中国市场时带有鲜明的高端品牌基因，其核心竞争力在于传承欧洲传统的咖啡烘焙工艺与提供“真正的咖啡”体验。面对瑞幸、库迪等本土品牌掀起的低价咖啡浪潮，Costa在中国市场主动调低客单价，从35元左右降至25元区间。然而，这一策略不仅未能有效扩大客群基础，反而稀释了品牌价值。03 .运营模式的刚性缺陷Costa咖啡在中国市场的节节败退，很大程度上源于其运营模式中存在的一系列结构性缺陷。门店选址的战略失误是Costa运营模式中的首要败笔。自2006年进入中国市场以来，Costa长期采用“贴身星巴克”的选址策略，刻意在星巴克门店附近开设自己的门店。这一策略初衷是借助星巴克的客流和市场教育成果，但实际上却使Costa陷入了租金成本过高而谈判能力不足的被动局面。数字化能力的严重不足是Costa在中国市场水土不服的另一关键因素。中国咖啡市场已经形成了鲜明的“线上点单、线下自提/外卖”消费习惯，数字化运营不再是加分项而是必备能力。然而，Costa始终未能建立起与其线下门店相匹配的数字化体系。其APP和小程序体验笨拙，会员系统缺乏吸引力，与外卖平台的整合也远落后于竞争对手。国际品牌的决策链条过长制约了本土化效率。Costa中国区产品经理曾透露，一款新品从概念提出到最终上市，需要经过英国总部的多层审批，周期长达6个月，而瑞幸的产品开发周期仅为45天。04 .可口可乐的败笔Costa咖啡的衰落轨迹与其所有权变更和母公司战略调整密切相关。战略意图的错位是可口可乐与Costa结合的根本问题。可口可乐收购Costa的初衷并非为了强化其连锁咖啡业务，而是弥补自身在即饮咖啡产品线上的不足。这一动机决定了收购后Costa在集团内部的定位和发展方向——它更多地被视为一个品牌授权和咖啡知识库，而非需要持续投入的餐饮业务。业务重心的转移在收购后表现得尤为明显。可口可乐迅速将Costa的业务重心从门店运营转向了即饮咖啡产品开发，推出了多款Costa品牌的瓶装咖啡饮料。在可口可乐的资源配置优先序中，Costa品牌的即饮产品明显优于门店业务。集团强大的分销网络和营销资源被集中用于推广Costa瓶装咖啡，而门店业务则陷入“饥饿循环”——投入不足导致业绩下滑，业绩下滑又进一步降低其获取内部资源的竞争力。05 .卖不掉的Costa怎么办？随着出售计划终止，Costa的未来前景更加迷雾重重。英国Companies House提交的财务文件显示，2024年Costa Coffee的运营亏损同比翻倍多，增至1350万英镑。该公司将亏损归咎于商业街客流量低迷以及来自平价竞争对手的激烈竞争。此次出售计划失败可能迫使可口可乐减记Costa Coffee在其账面上的资产价值。与此同时，Costa Coffee旗下负责运营自助咖啡机业务的Costa Express，去年因决定停用“部分原型机”，对相关资产计提了5100万英镑的减值。一位了解可口可乐想法的人士表示，该公司可能在中期内重启Costa Coffee的出售计划。但这杯曾经热气腾腾的咖啡，随着时间的流逝，正在逐渐变冷。回顾可口可乐收购Costa的这六年，恰是全球咖啡市场剧烈变革的时期。从星巴克的数字化到瑞幸的性价比革命，从第三空间到线上线下一体化，咖啡行业的玩法已彻底改变。Costa咖啡手握好牌，但不能顺应市场变化、及时调整战略，再好的品牌资产也可能被一步步打烂。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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