Starbucks in Seattle lost $11 billion last quarter from boycotts and strikes linked to Palestinian solidarity since the Gaza war on October 7.
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The coffee giant aimed to recover from losses by offering a free reusable holiday cup with every purchase on "Red Cup Day."
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Starbucks' plan in mid-November led to an 8.96% market share drop, causing an $11 billion loss, the worst since 1992.
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Starbucks stocks dropped for 12 straight days, the longest in its public history since 1992. Now at $95.80, down from $115.
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McDonald's and KFC faced losses because of an international boycott supporting Palestine, hitting firms backing Israel.
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Starbucks in Egypt downsizing staff due to boycott impact; financial troubles spreading beyond borders.
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Starbucks sued its union, Starbucks Workers United, in October, claiming they stole intellectual property and harassed baristas for supporting Palestine.
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Starbucks CEO Laxman Narasimhan stays positive about the company's diverse channels and customer engagement, navigating challenges in the economy and shifting behaviors.
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Hashtag #boycottstarbucks surged in early November on TikTok, staying strong. 7,000 US videos, 51 million views in the last month.
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Image Credits: Unsplash