Starbucks Campaign Triggers Apology Over Gwangju Memory
A sharp backlash erupted after a promotional campaign was deemed disrespectful to the 1980 Gwangju Uprising, where thousands of students were violently suppressed.
Public Outrage:
The promotion sparked widespread condemnation, prompting a formal apology from the retailer that owns Starbucks in Korea. The head of the company accepted full responsibility.Market Impact:
Shares initially rose but fell by more than two percent following the apology.
Leadership Changes:
A senior executive at Starbucks Korea was dismissed last week, and the global parent company announced an investigation into the incident.Government Response:
Officials declared that they would no longer source products from firms that trivialize the country’s democratic struggles.Ownership Structure:
The Korean unit of Starbucks is majority-owned by a local retailer, with the remaining stake held by a Singaporean investment fund.
