A seasoned executive at Starbucks China, who served for 25 years, has officially retired. Jingying Wang, the former Chairwoman and CEO of Starbucks China, retired on January 24. Wang joined Starbucks in 2000, a year after the brand opened its first store in mainland China in Beijing. Prior to leading Starbucks China, she was the Managing Director of Starbucks Singapore, overseeing business strategy, brand development, and store operations.
In 2011, Wang was appointed head of Starbucks China, and by 2016, she became the CEO. Three years later, she was promoted to Chairwoman and CEO, marking the first time these positions were separately designated in Starbucks China. Wang played a crucial role in the growth of Starbucks in China, focusing on third-place experiences, digital innovation, community engagement, and developing the specialty coffee industry.
In December 2024, Starbucks China introduced a new position, Chief Growth Officer (CGO), appointing Zhen Yang, a former executive from JiYue Auto, to accelerate growth in the Chinese market. On October 30, 2024, Starbucks (SBUX, Financial) reported its quarterly and annual financial results. The fourth-quarter revenue was $9.07 billion, down 3.2% year-over-year, with a net profit of $910 million, a 25.4% decrease. Annual revenue for fiscal 2024 rose by 0.6% to $36.18 billion, while net profit fell by 8.8% to $3.76 billion. Same-store sales in China dropped 14% in the fourth quarter, leading global declines.
Starbucks faces intense competition from local coffee brands in China, which offer significant price advantages. Despite these challenges, Starbucks continues its expansion into lower-tier cities, with half of the new stores in fiscal 2024 located in third-tier cities or below. The fourth quarter saw a net addition of 290 stores in China, entering 78 new county-level markets.
