As Starbucks' new chief executive officer Brian Niccol engineers a business turnaround, what to do with its operations in China must be on the top of his mind. The American coffee chain is exploring strategic options, including a possible stake sale. China is becoming a drag. The country accounts for less than 10 per cent of revenue, even though nearly 20 per cent of its outlets are located there. In the September quarter, same-store sales tumbled 14 per cent from a year earlier, even worse than the 6 per cent decline in the US.
Much media focus has been on home-grown brand Luckin Coffee, which has staged an amazing comeback after being delisted from the Nasdaq for accounting fraud in 2020. Luckin's 9.90 yuan (S$1.80) coffee is taking away business from Starbucks' basic drinks, just when the Chinese economy is weak and consumers are wary of spending.
Diese Geschichte stammt aus der November 29, 2024-Ausgabe von The Straits Times.
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Diese Geschichte stammt aus der November 29, 2024-Ausgabe von The Straits Times.
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TACKLE PLASTIC WASTE, ONE NAIL AT A TIME
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Jung Ho-yeon and Lee Dong-hwi split
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Artist Julie Mehretu opens solo Show in Sydney
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Wicked's renowned costume designer returns to Oz
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ULTIMATE SELF-CARE
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Fifa using $67m legacy fund for social initiatives
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THE MARATHON BIKER GUY
Veteran Aussie has cycled over 50 courses in 12 years to ensure the route is 42.195km
Emery upbeat despite late drama against Juve
DIFFERENT PERSPECTIVE
