(Photo source: screen shot from Starbucks China official website)
(ECNS) -- Starbucks China released a statement Monday on its official website, claiming that the company's pricing in China cannot be compared to that in the United States.
The statement came in response to reports by China Central Television that Starbucks makes big profits in China by charging higher prices than in other markets.
"Starbucks's pricing strategies in each country are long-term, as they take differentiations of products and markets, and changing operation costs, into consideration," the statement said.
Reports have said that a medium size latte in Beijing sells for the equivalent of $4.43, costing $0.75 to produce. However, the same coffee sells for $3.97 in London, $3.26 in Chicago, and $2.39 in Mumbai.
Starbucks defends high prices in China
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