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Malaysian Tikoon Vincent Tan Berjaya Food keeps the franchise to manage Starbucks sales places in the southeast Asian nation.
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Malaysian tycoon Vincent Tan‘S BERJAI Food has reported a record net loss, because the US chain operator has lost customers in Malaysia in the middle of protest associated with the conflict of Gaza.
The company said its net loss expanded to 292 million Ringgit ($ 69 million), which ended June, from 91 million Ringgita last year, because the income dropped 64% to 477 million Ringgit.
“The long influence of the current feeling related to the conflict in the Middle East guessed market dynamics and influenced customer consumption samples,” said company on Thursday.
Number Starbucks Sales Places in Malaysia They fell to 320. Currently of about 408 in June 2024. years, because some stores are closed in the midst of declining income.
“The Group focused on diversification of local and overseas markets, and consolidation of shops in the country to strengthen basic operations and establish a strong foundation for sustainable growth,” said company about its future prospects.
Berjaya Food started a licensed partnership with Starbucks in December 1998. year with an outlet in Kuali Lumpur. In August 2024. it won franchises to manage Starbucks in Denmark, Finland and Iceland. The company’s portfolio also includes the chain of South Korean Korea-cafes Paris Baguette and Kenny Rogers Rosteres.
With estimated net worth of $ 770 million, tan is among the richest in Malaysia. with interests in financial services, retail and real estate. His assets of Outfit Berjaya Land was also insufficient with net loss of a programmer that increases to 103 million Ringgits in the year, which was completed from 88 million Ringgit a year ago.
