In order to save its business in China, Starbucks (SBUX.US) has appointed a CGO for the first time.

Starbucks has hired its first Chief Growth Officer (CGO) in China to attract young coffee drinkers back, as the American chain has struggled in its largest international market.

Zhitong FinanceDec 16 14:51

Starbucks (SBUX.US) has established its first Chief Growth Officer in China.

According to Bloomberg, the American coffee chain Starbucks (SBUX.US) has appointed its first Chief Growth Officer in China last month, with Yang Zhen, a former executive from the electric vehicle manufacturer Xiaopeng Motors, taking the position. The product development, research and development, and marketing departments in China will report to him. Yang Zhen will also be responsible for coffee product innovation and enhancing customer experience. Starbucks stated that China is an important growth driver for the company's future. Earlier, Bloomberg reported that Starbucks is exploring options for its operations in mainland China, including the potential sale of a portion of its equity.

AASTOCKS50minutes ago

Starbucks China confirms that the lease for the Shanghai Xintiandi store will end at the end of the year.

Regarding the news of the lease expiration of the Starbucks store in Shanghai Xintiandi, according to domestic media quoting a relevant person in charge from Starbucks China, the adjustment and changes in the business model of the commercial area, along with the renovation and upgrade of stores, are normal in the Retail Trade. Recently, due to the adjustment of the business model in the Xintiandi commercial area, the Starbucks Reserve Xintiandi store will end its lease at the end of this year (31st). At the same time, more than ten existing Starbucks stores in the Xintiandi area will continue to provide customers with high-quality coffee. It is reported that mainland China is Starbucks' largest international market globally, currently having over 7,600 stores covering nearly a thousand county-level markets. Among these, Shanghai accounts for over 1,100 Starbucks stores.

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