Starbucks, KFC, Pizza Hut, and McDonald’s suffer sales slumps as Gaza war boycotts continue across Asia, boosting local and Palestinian brands
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Gaza boycotts batter fast-food chains Starbucks, KFC, Pizza Hut, and McDonald’s and other US brands in Malaysia and Indonesia | Photo: PexelsVasudha Mukherjee New Delhi
In Malaysia and Indonesia, some of the biggest names in fast food — Starbucks, KFC, Pizza Hut, and McDonald’s — are still struggling to recover from the financial hit caused by boycotts sparked by the war in Gaza, according to a report by Nikkei Asia.
Steep sales drops for US fast food chains in Malaysia
In Malaysia, Starbucks operator Berjaya Food reported an 18 per cent year-on-year revenue drop in early 2024, with net losses widening to 37.2 million ringgit (US $9 million). Its share price has fallen another 15 per cent this year. The chain has leaned on heavy localisation efforts — drinks curated by Malaysian baristas, locally designed merchandise, and menu items by a popular local chef — but store managers expect the total number of outlets to shrink from 350 to under 300 by 2026.
QSR Brands, which runs KFC and Pizza Hut, swung from a pre-tax profit of 49.6 million ringgit in 2023 to a 66.2 million ringgit loss in 2024. It has cut prices, pizzas as low as 5 ringgit, stressed its halal credentials, and hired more local staff to appeal to customers.
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