Starbucks’ deal taps Tingyi’s strengths
Print Edition
STARBUCKS has partnered with Chinese beverage maker Tingyi Holding Corp to make and sell its ready-to-drink beverages on the Chinese mainland, the company said yesterday.
The US coffee giant has been selling bottled, coffee-based beverages at retail outlets such as grocery and convenience stores on the Chinese mainland, which the company says is its fastest growing market outside the United States, with more than 1,500 stores in nearly 90 cities.
The partnership with Tingyi, more commonly known as Master Kong in China, will allow Starbucks to leverage the Chinese beverage maker’s local manufacturing, sales and distribution expertise to expand its retail distribution network and launch new products in the Chinese market, according to a Starbucks’ statement.
Starbucks’ China and Asia-Pacific President John Culver said the partnership will unlock demand for Starbucks’ offerings in China’s massive ready-to-drink coffee market, which, along with energy beverage, is valued at US$6 billion and is expected to grow by 20 percent in the next three years.
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