Starbucks (SBUX) Bets Big On China

November 25, 2009 10:31 AM EST

Starbucks (NASDAQ: SBUX) is forecasting that China will become the next major market for the Seattle-based coffee giant after the U.S., according to the company's China Chairman.

The company's head for Greater China, Wang Jinlong, said that profit from the quickly emerging Chinese market has more than doubled in 2009, according to a report from Reuters.

"This has really become our second home market," Wang said.

Starbucks, which currently operates nearly 700 cafes in China, said earlier this month that it plans to open another 100 stores in the country, according to the company's CEO, Howard Schultz. In total, Starbucks plans to open 100 new stores in the U.S. and 200 more internationally.

After the company has implemented cost cutting efforts during the recession, it now plans to get back on track for growth in 2010. Schultz said earlier this month that the company is done closing stores, and the success from the new instant coffee venture has exceeded expectations.

Starbucks is also ramping up its product Red promotions in stores this holiday season in a global effort to help fight the battle against HIV around the globe. As of last week, Starbucks has generated contributions equaling more than 6 million daily doses of antiretroviral medicine through the product Red program.

Shares for Starbucks are up slightly by 0.61 percent in early market movement to $21.48.

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