Vietnamese retail conglomerate Masan Group has named Patricia Marques, the former General Manager of Starbucks Vietnam, as the new CEO of Phuc Long Coffee & Tea.
Headquartered in Ho Chi Minh City, Masan Group emphasized Marques’ extensive experience in scaling food and beverage brands in Vietnam and her deep connection to the country’s tea culture as pivotal factors in her selection.
Marques held the position of Starbucks Vietnam General Manager from November 2012 to November 2023. During her tenure, she spearheaded the coffee chain’s growth from its inaugural store in Ho Chi Minh City in January 2013 to reaching 100 locations by September 2023.
Although Marques initially announced her retirement after leaving Starbucks, she later took on a part-time role as Head of Business Development at Maxim’s Group, which oversees Starbucks operations across seven East Asian markets, starting in December 2023.
Phuc Long Coffee & Tea achieved net revenues of VND 1.53 trillion ($62.9 million) and an EBITDA of VND 255 billion ($10.4 million) in 2023. Despite a 6% year-on-year sales decline in the first quarter of 2024, the chain rebounded with revenue growth in the second quarter. By the third quarter, sales increased 13% year-on-year, reaching VND 425 billion ($16.7 million).
Masan Group, which boosted its ownership stake in Phuc Long Coffee & Tea to 84% in August 2022, attributed the coffee chain’s improved performance to the launch of flagship stores and the strategic closure of underperforming kiosks within its WinMart retail network. As of now, Phuc Long operates 174 outlets across Vietnam.
Marques’ leadership is expected to further enhance the brand’s presence in the competitive Vietnamese coffee and tea market.