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.
Denne historien er fra November 29, 2024-utgaven av The Straits Times.
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Denne historien er fra November 29, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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