The coffee giant is unwell these days on account of this protest as the company has lost over 1.8 per cent of revenue in the early quarter of 2024.
Starbucks’ former CEO Howard Schultz disclosed that the company has reached a critical point of decline and has lost a whopping $13 billion loss in the market amid a global boycott. The coffee giant is unwell these days on account of the pro-Palestine protest as the company has lost over 1.8 percent of revenue in the early quarter of 2024.
The most gross-resulted and favoured businesses in the US dropped down and in other countries as well.
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Earlier this year, Schultz expressed the need to undergo a significant change in the sale to raise shareholder expectations. Last year in September, Starbucks announced Narasimhan as the company’s chief executive officer following the global search when Schultz stepped down from the position.
By the end of 2023, Seattle-based Starbucks Corporation lost a ballpark of $11 billion dollars as people proclaimed their solidarity for Palestine and boycotted all Israeli brands including Starbucks. The company is currently struggling to meet the expected revenue and to maintain its brand value.
The whack on the head is part of the divisive global strike as the renowned coffee brand openly supports the genocide by Israel. In Egypt, they took further steps to reduce expenses and laid off employees in response to the global boycott. This recoil affected its sales in the US and other major countries declining its demand and halting its growth.
Also Read| Starbucks To Fire 2,000 Employees After The Boycott Campaign Following Israeli Atrocities In Gaza
The company confronts a delay in the opening of new stores in Europe as well. Not only Starbucks but also food chains including McDonalds, Burger King and Domino’s Pizza have disclosed a revenue drop witnessing 68 percent in the quarterly net profit.
According to Analysts, the mediocre performance in Europe has made a huge impact on its revenue generation and as the Olympic games kicked off in Paris there is expected to be a decline from the compatriots going back to other restaurants and cafes.
