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HS
Howard Schultz
06/04/24
@ Acquired
We struggled in China for nearly a decade, facing significant financial losses until Belinda Wang joined and changed the course of Starbucks in that market.
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A
Starbucks (with Howard Schultz)
@ Acquired
06/04/24
Related Takeaways
HS
Howard Schultz
06/04/24
@ Acquired
Belinda, a key employee, played a crucial role in establishing Starbucks in China, adapting the business model to fit local culture.
HS
Howard Schultz
06/04/24
@ Acquired
In 2008, I returned to Starbucks amidst a financial crisis, where the market cap had plummeted from $30 billion to less than $7 billion, and we faced negative sales growth for the first time in our history.
HS
Howard Schultz
06/04/24
@ Acquired
I faced significant challenges raising $3.8 million to buy Starbucks, including competition from investors who wanted to take over the company without due diligence.
HS
Howard Schultz
06/04/24
@ Acquired
Starbucks has expanded significantly in China, growing from 500 stores in 2011 to nearly 7,000 today, with a new store opening every 15 hours in 2017.
HS
Howard Schultz
06/04/24
@ Acquired
In 1999, Starbucks aimed for 2,000 stores by the year 2000 and achieved that goal a year early, opening its first store in Beijing during that time.
HS
Howard Schultz
06/04/24
@ Acquired
Starbucks provides health insurance to the families of its partners in China, a move that impressed the Chinese government.
HS
Howard Schultz
06/04/24
@ Acquired
When we first opened Starbucks, we were focused on no debt because of my childhood experiences with financial struggles.
HS
Howard Schultz
06/04/24
@ Acquired
In 1982, I joined Starbucks as the head of marketing when they were preparing to open their fourth store, still focused solely on selling coffee beans.
HS
Howard Schultz
06/04/24
@ Acquired
Starbucks was originally a small-time Seattle roaster that only sold beans before I took over and expanded it.