The world’s largest coffee shop chain, Starbucks, is pinning its future on China after seeing its profit in the region rise a staggering 48 percent in the fourth quarter of the 2015-16 financial year.
Buoyed by the successful opening of around 100 new stores in China and Asia-Pacific, Starbucks is aiming to double its number of stores in China to around 5,000 by 2021. It currently operates more than 25,000 stores in 75 countries.
2015-16 proved to be the company’s most profitable year to date, up 16 percent globally to US$4.2 billion.
