Starbucks China Appoints First Chief Growth Officer

BEIJING (Reuters) – Starbucks (NASDAQ:SBUX) China has appointed its first Chief Growth Officer (CGO), according to a report from Chinese media outlet Late Post on Tuesday.

The outlet revealed that Tony Yang, previously a partner and president of digital marketing firm Tezign, has been hired for the role. As of now, neither the U.S. coffee giant nor Tezign has responded to Reuters' request for comment.

This new appointment follows a recent management reshuffle within the unit, where, in September, Starbucks announced that Molly Liu would be the sole Chief Executive Officer of Starbucks China, while Belinda Wong, the outgoing co-CEO, would continue as chairwoman.

Starbucks is navigating increased competition in the Chinese market, where affordable local brands like Luckin and Manner have significantly gained market share.

During the fiscal year ending September 29, the coffee chain reported a 14% decline in comparable store sales in China, with average prices dropping by 8% and same-store transactions decreasing by 6%.

China stands as Starbucks' second-largest market after the U.S., boasting 7,596 stores across the nation by September.

($1 = 7.2405 Chinese yuan)