davriellelouna@lemm.ee to

You Should Know@lemmy.world · 18 days ago

YSK: In China, a growing number of people are avoiding Starbucks. Many prefer local owned brands. Starbucks corporate executives are angry about it.

www.nytimes.com

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YSK: In China, a growing number of people are avoiding Starbucks. Many prefer local owned brands. Starbucks corporate executives are angry about it.

www.nytimes.com

davriellelouna@lemm.ee to

You Should Know@lemmy.world · 18 days ago

Starbucks Has a Pumpkin Spice Latte Problem in China

www.nytimes.com

For years, Starbucks was the dominant coffee chain in China. Now rivals offering local flavors and cheaper prices are crushing the company’s bottom line in its second-largest market.

Good article from the New York Times.

Summary

Starbucks China is losing customers at a very rapid pace. Starbucks corporate executives are angry. Brian Niccol, the new $100 million CEO of Starbucks, sounded the alarm in October, calling the competition “extreme”. For the Chinese Lunar year, Starbucks released a pork flavor latte. It cost more than $9 and was widely seen as a disaster.

Billionaire Howard Schultz, Starbucks’s former CEO, insisted that Starbucks would not enter a price war in China. He claimed “as chinese customers become more knowledgeable about coffee, they will want to upgrade from lower-end or discounted products”

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18 days ago
Local companies are out-competing the multinational on price, quality and local knowledge. Isn’t this the free market working as intended?

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