This is the result of benchmarking Starbucks by a CEO in his 30s, who was founded less than 10 years ago.
According to China’s economic media CheilJaekyung on Monday, “Fewang Chahee,” which was listed on Nasdaq in the U.S., rose 16.44 percent to close at 32.44 dollars. With its initial public offering (IPO), it raised 41.1 billion dollars.
According to the Bloomberg Billionaires Index, Chairman Jang Jun-je joined the ranks of billionaires for the first time with his net worth of $2.1 billion. It seems that his ambition to recreate the success story of Starbucks with traditional Chinese cars is being realized.
CEO Zhang was born in 1993 and was founded in Kunming, Yunnan Province in June 2017. Wang Chahee, which sells milk tea and beverages based on Chinese leaf tea, began to grow by rapidly increasing its stores in 2021. It succeeded in turning into a surplus in 2023 and increased the number of stores rapidly every year. It created a wind in the beverage industry by marketing brands by incorporating design elements emphasizing traditional Chinese culture, and is continuing its expansion into overseas markets.
China’s fresh tea drink market, such as “Paewang Chahee,” is expected to grow to 426 billion yuan by 2028, up from 273 billion yuan last year. It currently operates about 6,440 stores and has already entered Malaysia, Singapore, and Thailand. It plans to open its first store in Los Angeles soon. The company opened an official Korean account on Instagram and announced that it will open its first store soon.
JULIE KIM
US ASIA JOURNAL
