Starbucks Coffee Company Announces Entry into Beijing, China.SEATTLE--(BUSINESS WIRE)--Sept. 18, 1998--Starbucks Coffee International signed a licensing agreement in Beijing today with Beijing Mei Da Coffee Co. Ltd. to open retail locations in Beijing. The first Starbucks store is scheduled to open in Beijing by the second quarter of 1999. "China promises to be an exciting market for Starbucks with tremendous growth opportunities," said Howard Behar, president of Starbucks Coffee International. "Our entry into Beijing is about serving people, building global relationships and celebrating local cultures over a great cup of coffee. That is the heart and soul of the Starbucks Experience. We are excited to be working with our partner, Beijing Mei Da Coffee Co. Ltd., who shares our values and business philosophy." "The Chinese people The following is a '''list of famous Chinese-speaking/writing people. Note in Chinese names, the family name is typically placed first (for example, the family name of "Xu Feng" is "Xu"). will embrace the unique specialty coffee experience wholeheartedly whole·heart·ed adj. Marked by unconditional commitment, unstinting devotion, or unreserved enthusiasm: wholehearted approval. whole as Starbucks is recognized for its commitment to quality coffee and excellent customer service," said Bao Zong Ye, General Manager of Beijing General Corporation of Agriculture, Industry and Commerce (BAIC), a joint venture partner of Beijing Mei Da Coffee Company. "The coffee culture in China will be greatly invigorated in·vig·or·ate tr.v. in·vig·or·at·ed, in·vig·or·at·ing, in·vig·or·ates To impart vigor, strength, or vitality to; animate: "A few whiffs of the raw, strong scent of phlox invigorated her" with Starbucks entry as the market leader in the country." Beijing Mei Da Coffee Co. Ltd., which was set up by BAIC and Borderless Investment Group, has been the distribution agent for Starbucks wholesale operations in Beijing since 1995. Borderless Investment Group is headed by Lawrence Maltz, a former Starbucks executive. Starbucks Coffee International is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Starbucks Coffee Company (Nasdaq:SBUX SBUX Starbucks Corporation (stock symbol) SBUX Starbucks Coffee Company ). Starbucks is the leading retailer, roaster and brand of specialty coffee in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . China represents Starbucks Coffee International's tenth Pacific Rim market. Starbucks Coffee International has opened retail locations in Japan, Hawaii, Singapore, the Philippines, Taiwan, Thailand and the United Kingdom. |
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