Starbucks China News Wang Jingying steps down as CEO the way Starbucks invests in the Chinese market

This morning, coffee chain giant Starbucks released news: Starbucks China management team structure will be a major change, Wang Jingying will step down as CEO!

At 09:25 today, Starbucks China's official Weibo released an employee letter titled "look forward to the Future along the way".

In her letter, Wang Jingying made the following explanation on the changes in the "management team structure":

Wang Jingying, chairman of Starbucks China, said: from October 1, she will step down as CEO, chief executive of Starbucks China, and continue to serve as chairman of the company.

According to Starbucks China's latest appointment arrangements, Cai Deqian will be promoted to Starbucks Global Executive Vice President and Starbucks China Chief Executive Officer CEO, while Liu Wenjuan will be promoted to Starbucks China Senior Vice President and Chief operating Officer.

According to reports, the appointment will take effect on October 1 this year.

In this employee letter, Wang Jingying said: "now, Starbucks China has entered a new chapter." And I always firmly believe that our story has just written the beginning. "

In the future, Wang Jingying's "mission" is to lead Starbucks China Siren Ventures Venture Capital Fund to further promote Starbucks' digital innovation. To put it simply, Wang Jingying's responsibility will shift from the executive level to the planning of long-term development strategy.

The so-called "Siren Ventures Investment Fund" is a major strategic cooperation project between Starbucks and Sequoia Capital China in 2020, which is considered to be an important layout to promote Starbucks' growth in China.

The company aims to find and promote startups that develop new technologies and products for the food and retail industry. for Starbucks, this partnership will have more direct access to all innovative new companies and create more strategic investment opportunities. in order to further realize the development of business in China.

On April 28th last year, Starbucks China announced that it had reached a strategic cooperation with investment agency Sequoia Capital China Fund to conduct business cooperation in the new generation of catering and retail technology, and work together to accelerate Starbucks China's digital innovation.

In response, Kevin Johnson, President and CEO of Starbucks Coffee, said: "the appointment announced today is the result of our disciplined and purposeful efforts to train talents with both excellence and value orientation for the long-term and sustainable development of Starbucks in China over the years. Under the leadership of the new management team, Starbucks China will make great achievements in the future. We look forward to working with them to open a new and exciting chapter in our development. "

Founded in 1971 and born in the United States, Chinese mainland entered the Chinese market in 1999 and opened its first Starbucks store in Beijing, and the following year it entered Shanghai's Huaihai Road, according to public documents.

Wang Jingying joined Starbucks in January 2000 and has held a number of leadership positions in Starbucks China and Asia Pacific.

Wang Jingying has been president of Starbucks China since 2011. during his five years in office, the number of Starbucks stores in China has grown from more than 400 in 2011 to more than 2300 in 2016.

Wang Jingying was promoted to chief executive of China in October 2016, when the appointment posted on Chinese mainland's website gave her a clear "mission" to "commit to the vision of operating more than 5000 Starbucks stores on Starbucks by 2021." During this period, Wang Jingying led the Chinese team to open Starbucks Zhenxuan Shanghai Bakery, and in the same year led the acquisition and integration of the East China market in 2017, reaching Starbucks' largest acquisition agreement to date. This acquisition agreement represents that all Starbucks stores in the Chinese market will be completely owned and operated by themselves.

Starbucks selected Shanghai Bakery Store

In May 2019, the management structure of Starbucks China was adjusted again. Wang Jingying was promoted to Chairman and CEO of Starbucks China, continuing to lead Starbucks' comprehensive long-term development strategy in the Chinese market and promote partnership. Open up new business transformative opportunities in the future.

After Wang Jingying was promoted to chairman and CEO of Starbucks China, the entire business of Starbucks China was reorganized into two business units, "Starbucks Retail" and "Digital Innovation". Industry analysts say it is Starbucks' recognition of the Chinese market and a sign of continued growth.

Now ten years later, Wang Jingying said: "Starbucks China has entered a new chapter."

Wang Jingying (Belinda Wong), chairman of Starbucks China

On July 28 this year, Starbucks released its results for the third quarter of fiscal 2021, which showed that as of the end of the third quarter, Starbucks had 33295 stores worldwide and 5135 stores in China.

For the target of fiscal year 2022, Starbucks plans to enter 230 cities by the end of fiscal year 2022, bringing the total number of stores in China to 6000.

At present, the Chinese coffee market is defined as "promising".

According to relevant data, the size of China's coffee market is expected to reach 180.6 billion yuan by 2023 and 217.1 billion yuan by 2025.

It can be seen that the prospect of China's coffee market is broad, however, the broader the prospect is, the more fierce the competition is.

Although Starbucks is the largest coffee chain in the world, there are numerous coffee brands with strong momentum.

Apart from Starbucks, in the middle is Luckin Coffee, who has climbed back to the "safe zone" from the "edge of the cliff", followed by new coffee brands such as three-and-a-half, Yongpu, Sumida, Manner Coffee, Seesaw and algebraist Coffee, as well as countless emerging coffee players.

In this context, after a major change of Starbucks China can achieve a new breakthrough, we still wait and see.

* Image source: Internet

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