Starbucks boycott only hurting Malaysians, says Vincent Tan

TAN Sri Vincent Tan said the boycott of Starbucks Malaysia was hurting Malaysians and appealed for it to stop.

The founder and adviser of Berjaya Corporation Bhd said Starbucks Malaysia was a Malaysian-owned company and did not even have one foreigner working in the head office.

“In the stores, 80% to 85% of the employees are Muslims. This boycott does not benefit anyone,” he said during a media meet in Okinawa as reported by the New Straits Times.

However, he said the tide seemed to have turned and they were seeing improvement in sales.

“We expect an improvement in sales in the third quarter of the financial year 2024.

“Yes, it has some impact on us but now at least it is improving and, like I said, it’s all Malaysian-owned, it’s run by Malaysians. It’s just a franchise, it’s not owned by an American,” he said.

For the second quarter of FY24, Berjaya Food Bhd reported a 35% quarter-on-quarter drop in revenue to RM183 million and a loss after tax and minority interest of about RM42 million.

Tan is in Okinawa for the groundbreaking ceremony of the Four Seasons Resort & Private Residences Okinawa, which is an ultra-luxury resort to be developed over 40 months. – The Vibes, March 4, 2024