Starbucks has announced the appointment of Molly Liu as the new Chief Executive Officer of its China division, marking a strategic move towards a new era of leadership within the US coffee chain.
Effective September 30, Liu will succeed Belinda Wong, who will transition to the role of Chairperson of Starbucks China, according to a statement released by the Seattle-based company today.
Having previously held the position of co-Chief Executive Officer and Chief Operating Officer since 2021, Liu brings a wealth of experience to her new role, having also served as the Vice President for Digital Innovation. In her capacity as CEO, she will lead Starbucks' operations in the Chinese market, focusing on driving sustained growth in the region. Meanwhile, Wong will concentrate on guiding the company's development strategy in China and enhancing brand recognition.
In the second quarter, Starbucks China expanded its footprint by adding 213 new stores, a 13 percent increase from the previous year, entering 38 new county-level markets. This growth brought the total number of outlets to 7,306 as of June 30, representing 18 percent of Starbucks' global network of coffee shops.
Starbucks China reported a 5 percent rise in net income in the third fiscal quarter ending June 30 compared to the previous year, amounting to USD 733.8 million after accounting for fluctuations in foreign exchange rates, as indicated in the latest earnings report. Moreover, the company's profit margin witnessed a double-digit expansion for the second consecutive quarter.
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