Vincent Tan: Starbucks Malaysia boycott only hurting Malaysians [BTTV]

OKINAWA: Founder and advisor for Berjaya Corporation Bhd Tan Sri Vincent Tan Chee Yioun today appealed to Malaysians to stop the boycott of Starbucks Malaysia, contending that it is only hurting Malaysians.

"I think all those who are boycotting Starbucks Malaysia should know that it is a Malaysia-owned company. We don't even have one foreigner working in the head office. In the stores, 80-85 per cent of employees are Muslims. This boycott doesn't benefit anyone," he said during a media meet here yesterday.

Tan said however that the tide seems to have turned as they are seeing some improvement in sales.

Tan expects the third quarter of the financial year 2024 to show improvement in sales.

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

"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 Malaysian. It's just a franchise, it's not owned by an American," he added.

Tan is in Okinawa for the groundbreaking ceremony of Four Seasons Resort & Private Residences

Okinawa, an ultra luxury resort to be developed over a 40-month period.


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