Starbucks is increasingly reliant on China, where it has no close rivals, to prop up underwhelming sales growth in the United States and elsewhere.
Starbucks also said it expects to more than double its operating income in China over the next 5 years, relative to 2017.
Starbucks Corp is looking to more than triple its revenue and nearly double its store count in China over the next five years, doubling down on the market as traffic growth comes under pressure in the United States.
A doubling of stores would bring the company's total in 6,000 in the country.
"China has a long runway of opportunity for Starbucks", Johnson said as the chain kicked off a two-day investor conference in Shanghai, the first to be held outside of the US. A deal of $7.2billion with Nestle previously this month offers Starbucks all the cash it requires to pursue its goal of expanding in China, which is within a decade is set to become the largest market of Starbucks.
Revenue for the China/Asia Pacific region in its last financial year was $3.24 billion while its operating income ended at $754.7 million. In China, where the culture of cafes is less prevalent but e-commerce more in use and trend, Starbucks cafes have targeted the market on high quality, luxurious but casual meeting spots.
Starbucks is shaping up an aspiring plan to compete in the race with KFC to become the quickest-growing foreign food chain with the unfolding of 600 new stores every year thus tripling the revenue by 2022.
"Our company has a strong, healthy, responsible business with purpose-driven values that celebrates our incredible 47 years of coffee expertise in sourcing, roasting, blending and handcrafting some of the world's finest coffees", Wong said "The strong trusted relationships between our partners and customers give me great confidence in our ability to deliver our long-term growth while continuing to make investments in China, for China".