Page 2 - Starbucks

Starbucks' CEO Brian Niccol to commute 1,600 km to work via corporate jet

Brian Niccol's employment contract provides a corporate jet for his daily 1,600 km commute, requiring him to work from Starbucks' Seattle office at least three days a week

New Starbucks CEO to make over $100 mn in 1st yr, not required to relocate

Incoming Starbucks CEO could make well in excess of $100 million in his first year with the company under an incentive-laden contract, and he will not be required to relocate from his home in California to Seattle, the home of the global coffee giant. Starbucks announced on Tuesday that Brian Niccol would become its chairman and CEO, taking over from Laxman Narasimhan, who stepped down abruptly after spending a little more than a year as the company's top executive. Niccol will become Starbucks' chairman and CEO on Sept 9. Niccol is among the mostly highly sought after corporate executives after establishing a track record of success in turning around companies that have hit a rough patch, including Taco Bell and, most recently, Chipotle. Niccol took the top job at the California chain in 2018 when Chipotle was being roiled by a series of foodborne illness outbreaks that had sickened more than 1,000 of its customers over several years. Revenue at Chipotle has nearly doubled since h

Starbucks' new CEO Brian Niccol to get $23 million in annual equity awards

Starbucks is banking on that experience as he becomes the company's sixth CEO, replacing Laxman Narasimhan, who stepped down on Aug 13

New Starbucks CEO Niccol to work 1,000 miles from company's headquarters

The incoming CEO agreed to commute to the coffee chain's base and travel as needed to do his job

Why did Starbucks sack Indian-origin CEO Laxman Narasimhan?

Who is Laxman Narasimhan and why Starbucks fired its CEO after a year?

The abrupt removal of Indian-origin Starbucks CEO Laxman Narasimhan comes amid declining sales and mounting pressure from activist investors

Laxman Narasimhan's ouster at Starbucks adds fuel to record-firing pace

Starbucks has posted two straight quarters of comparable sales declines, and its shares had fallen 20 per cent this year before the CEO change

Starbucks names Chipotle's Brian Niccol as CEO amid activist pressure

Niccol replaces Laxman Narasimhan, who was tapped in 2022 from Lysol maker Reckitt to undertake a "reinvention" of the world's biggest coffee chain

Starbucks' efficiency gains bolster profit even as China, US drag sales

Starbucks this year rolled out its Siren System plan, which included updating its equipment to increase the pace of service at its stores, as the company turns to discounts and promotions

In China Starbucks tries to avoid price war, gets drawn into discounting

The stakes are high for Starbucks, which has come under growing pressure from investors recently due to weaker sales in its two biggest markets - the United States and China

After firing 7, Starbucks takes on federal labour agency before US SC

After Starbucks fired seven workers who were trying to unionize their Tennessee store, a US government agency obtained a court order forcing the company to rehire them. Now, Starbucks wants the Supreme Court to curb the government's power in such cases. On Tuesday, justices are scheduled to hear Starbucks' case against the National Labour Relations Board, the federal agency that protects the right of employees to organise. If the court sides with Starbucks, it could make it tougher for the NLRB to step in when it alleges corporate interference in unionization efforts. The hearing comes even as the animosity between Starbucks and Workers United, the union organising its workers, has begun to fade. The two sides announced in February that they would restart talks with the aim of reaching contract agreements this year. Starbucks and union representatives planned to meet Tuesday for their first bargaining session in nearly a year. Workers at 420 company-owned US Starbucks stores have ..

Tata Starbucks reports loss of Rs 24.97 cr, revenue up 70% in FY23

Tata Starbucks has reported a net loss of Rs 24.97 crore from its operations in India for the financial year ended March 31, 2023, according to financial data accessed through business intelligence platform Tofler. However, its revenue from operations was at Rs 1,086.89 crore for the said period, up 70 per cent helped by the addition of more cafes and expansion of the network in more cities in India. In India, Starbucks cafes are operated by Tata Starbucks Pvt Ltd. It is a 50:50 Joint Venture between Tata Consumer Product Ltd (TCPL) and Emerald City CV, a wholly-owned entity of Starbucks Corporation, USA. Tata Starbucks had reported a net loss of Rs 94.84 crore in FY22 and its revenue from operations was at Rs 636.11 crore. In FY23, Tata Starbucks' Advertising promotional expenses increased 84.45 per cent to Rs 34.05 crore. It was at Rs 18.46 crore a year ago. Besides, it has also paid a royalty of Rs 76.83 crore in the financial year ended March 31, 2023. Tata Starbucks has exp

Starbucks sued by group that calls its claim of ethical sourcing misleading

A consumer advocacy group filed a lawsuit against Starbucks on Wednesday, saying the company's claim that its coffee is ethically sourced is false and misleading. The National Consumers League cited media reports of abuses on farms that supply coffee and tea to Starbucks. The group said the cases cast doubt on Starbucks' packaging, which states that the company is committed to 100% ethical coffee sourcing. Starbucks said on Wednesday it was aware of the lawsuit and will aggressively defend against the asserted claims. The lawsuit was filed in Superior Court in the District of Columbia. Among the incidents cited in the lawsuit was a 2022 case in which police rescued 17 workers including three teenagers from a coffee farm in Brazil where they were made to work outdoors without protective equipment and lift 130-pound sacks of coffee. The case was covered by Reprter Brasil, a group of journalists that investigates workers' rights and environmental issues. Starbucks said on Wednesday

Starbucks plans to accelerate growth to 1,000 stores in India by 2028

The company currently operates over 390 stores across 54 Indian cities, including Mumbai, New Delhi, Hyderabad, Chennai, and Bengaluru

Starbucks plans to double stores in India as coffee consumption booms

The global coffee giant wants to operate 1,000 stores in India by 2028, and the focus will be in so-called tier-2 and tier-3 cities - those outside of its biggest metropolises

US companies are picky about investing in China except fast-food chains

American fast-food chains have decided a market of 1.4 billion people is simply too delicious to pass up. KFC China's parent company opened its 10,000th restaurant in China last month

Starbucks loses $11 billion market value due to poor sales, boycotts

Global political tensions are spilling fast into Seattle-based Starbucks Corporation, as the company has lost approximately 11 billion dollars in value, erasing 9.4 per cent of the company's total value. Within a span of 19 calendar-days, since its November 16 Red Cup Day promotion, shares of Starbucks have plummeted 8.96 per cent, which equates to a nearly USD11 billion loss, amid analysts' reports of slowing sales and a subdued response to the holiday season's offerings. The boycotts at the Seattle, Washington-based chain have deep roots, touching on sensitive geopolitical issues after the company found itself in hot water following a tweet from Starbucks Workers United, the union representing many of its baristas, expressing solidarity with Palestinians. Amid an ongoing boycott due to the Israeli occupation's aggression against the Gaza strip, the undercurrent of discontent signals a challenging brew for the company's future, an industry analyst said. Starbucks stocks declined f

Thousands of Starbucks workers expected to go on a one-day strike

Thousands of workers at more than 200 U.S. Starbucks stores plan to walk off the job Thursday in what organizers say is the largest strike yet in the two-year-old effort to unionize the company's stores. The Workers United union chose Starbucks' annual Red Cup Day to stage the walkout since it's usually one of the busiest days of the year. Starbucks expects to give away thousands of reusable cups Thursday to customers who order holiday drinks. The union said it was expecting more than 5,000 workers to take part in its Red Cup Rebellion. Around 30 stores also staged walkouts on Wednesday. Neha Cremin, a Starbucks barista in Oklahoma City, said she was striking to protest understaffing in stores, especially during promotions like Red Cup Day. Cremin said workers are already overwhelmed filling delivery orders, drive-thru orders, mobile orders and in-store orders; promotions add another layer of stress. Understaffing hurts workers and also creates an unpleasant experience for customer

Climate change: How Starbucks may be creating a new waste problem

All reusable cups have a "breakeven point"; If you drink from a ceramic mug 20 times before breaking it or sticking it in the attic, you're almost certainly better off using 20 paper cups instead

Major global firms warn of slow China sales as post-pandemic surge fades

Caterpillar, global firms have warned of slowing earnings in China as the world's second-largest economy loses its post-pandemic bounce