Starbucks China names first chief growth officer amid stiff competition – report
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U.S. coffee giant Starbucks (NASDAQ:SBUX) appointed its first chief growth officer for China operations amid declining sales in its second-largest market after the U.S., Reuters reported, citing Chinese media outlet.
Tony Yang, formerly a partner and president at the digital marketing agency Tezign, will take on this newly created role, the report said.
As the chief growth officer of Starbucks (SBUX) China, Tony Yang will have several key responsibilities aimed at driving growth and enhancing the company’s competitive edge in a challenging market.
The move comes amid restructuring; Molly Liu was named the sole CEO of Starbucks (SBUX) China a few months back, while Belinda Wong transitioned to the role of chairwoman after previously sharing CEO responsibilities.
The company faced declining sales, reporting a 14% drop in comparable store sales for the fiscal year ending September 2024, with both average prices and transaction volumes decreasing significantly.
Starbucks (SBUX) operates over 7,500 stores in China and faces intense competition from local brands such as Luckin Coffee (OTCPK:LKNCY) and Cotti Coffee.