Starbucks, the global coffee giant valued at $90 billion, is grappling with internal strife as its sales continue to slump both domestically and internationally. The company’s shares have plummeted nearly 20% this year, signalling deeper issues within its operations. In response, activist investors like Elliott Investment Management and Starboard Value have taken stakes in Starbucks,
Carlsberg, the Danish beer company, has declared its interest to take full control of its operations in India and Nepal. This is a major strategic move aimed at taking advantage of the rapidly growing Indian beer market. For a hefty $744 million, the business plans to buy its partner’s remaining 33.33% share in Carlsberg South
Consumers have reached their breaking point with $6 iced coffees and lemonades at Starbucks. As per reports, the specialty coffee brand’s sales dropped 3% globally at stores open for at least a year, including a 2% drop in its home North America market. And that masked how steep the decline was for Starbucks last quarter:
Prada is renting an 8,000 sq ft store in K11 Musea, a harbourfront luxury shopping centre by New World Development, according to reports. Construction work for the two-floor store will begin soon and it is expected to open early next year, said the people, who asked not to be identified discussing private matters. Rent is
British luxury group Burberry named former Michael Kors boss Joshua Schulman as its new chief executive, axeing Jonathan Akeroyd after two years as it warned on profit and scrapped its dividend. A slowdown in the luxury sector has hit Burberry harder than rival brands, derailing the 168 year-old British name at a time when it
About You, one of Europe’s fastest growing online fashion stores, recently announced a positive adjusted EBITDA in the first quarter of 2023/2024, reaching break-even earlier than expected. Defying continued volatile market conditions, About You made significant progress on improving profitability and driving efficiency while still increasing revenue, customers, and orders. For the remaining year, About
PepsiCo missed expectations for second-quarter revenue as a series of price hikes and competition from private-label brands slowed sales of its snacks and soda mainly in the USA, its largest market. Analysts have said that product prices, which are starting to normalise after nearly two years of multiple hikes, are still higher than pre-pandemic levels,
While American children may wish summer vacation would never end, retailers want back-to-school season to start earlier than ever – preferably now – and are timing promotions ahead of Amazon’s Prime Day. With deals on sneakers, computers, kids’ clothing and backpacks, Walmart, Target and Shein hope to entice parents to start back-to-school shopping and capture dollars that
Spinneys, the UAE’s leading premium fresh food retailer, has announced the launch of its first-ever store in Riyadh, as part of a wide expansion plan throughout the Kingdom of Saudi Arabia. Its first store in Saudi Arabia is located in La Strada Yard in the popular An Nuzha district of Riyadh, spanning a retail space
Russians are still indulging in foreign-made Toblerone chocolate, showing the difficulty of USA manufacturer Mondelez’s plan to isolate its business in the country from its global operations. Facing continuing pressure from employees, activists and investors to leave Russia, Mondelez planned to make its business there “standalone with a self-sufficient supply chain” by the end of
