Starbucks CEO admitted the #boycott movement's impact on Starbucks, saying that “it hurts the brand,” after announcing plans to try and regain the Middle East market.
Starbucks saw a 23% decline in profits in international profits in the middle of 2024, hinting that the boycott movement affected sales in several regions.
“Headwinds persist in the Middle East, Southeast Asia, parts of Europe driven by widely discussed misperceptions of our brand,” Starbucks CEO Laxman Narasimhan said in a quarterly call on July 30 2024.
