Yum China Holdings, Inc. and the Lavazza Group, the world-renowned family-owned Italian coffee company, announced that they entered into a joint venture, to explore and develop the Lavazza coffee shop concept in China.
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As the first step, a new Lavazza Flagship Store in Shanghai, their first outside of Italy, opened its doors to customers.
“We are thrilled to partner with Lavazza and to bring their authentic Italian coffee experience to China. This is a great news for consumers who seek a premium coffee experience and we are excited to welcome them to the new flagship store,” said Joey Wat, CEO of Yum China.
“We see great potential for coffee in China and Lavazza shares this enthusiasm. Leveraging our deep understanding of Chinese consumers, we look forward to working together with Lavazza to explore the coffee market in China,” continued Joey Wat.
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“We are honored to join forces with Yum China, a prestigious partner with in-depth knowledge of the market and the needs of Chinese consumers. China is an important market with huge untapped potential for coffee consumption. We have been searching for the right opportunities to establish Lavazza in China and Asia, and this partnership is an important first step,” said Antonio Baravalle, CEO of Lavazza Group.