Ting Hsin International Group (頂新國際集團) yesterday announced that its subsidiary, Tingyi (Cayman Islands) Holding Corp (康師傅控股), has teamed with Starbucks Corp to produce and market the US coffee chain’s ready-to-drink products in China.
The two sides entered into an agreement aiming to create synergy to raise their competitiveness in China’s ready-to-drink coffee and energy drink market, which is already a US$6 billion business, with the potential to grow by 20 percent over the next three years, according to Ting Hsin.
Based on the agreement, Seattle-based Starbucks will be responsible for providing coffee expertise, brand development and future product innovation, with Tingyi Holding, the food manufacturing arm of Ting Hsin, focusing on producing and selling Starbucks products in China.
COFFEE EXPERTISE
The two said they are scheduled to introduce new bottled coffee products next year and plan to increase the number of sales locations in China.
“The ready-to-drink market has huge growth potential in China,” Tingyi Holding chief executive officer James Wei (韋俊賢) said in a statement.
Tingyi Holding will leverage its strength in production and distribution, as well as its development experience in China of more than 20 years, to increase the market share of Starbucks’ ready-to-drink products, Wei added.
Starbucks China and Asia Pacific president John Culver said the cooperation will unlock the massive ready-to-drink market in China and increase local demand for Starbucks products.
China is the fastest growing market for Starbucks outside the US.
The US coffee chain operates more than 1,500 stores in almost 90 cities in China, and consumers in China are able to purchase Starbucks’ bottled coffee beverages in nearly 6,000 locations there, the statement said.
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