Rabat – Kuwaiti franchise operator Alshaya Group has denied the exit of Starbucks and H&M stores from the Moroccan market.
A spokesperson from the group expressed commitment to the group’s business in Morocco, stressing that the operator will continue to operate H&M and Starbucks stores in the country.
The spokesperson further clarified that the group is constantly reviewing its portfolio to ensure it has the right stores in the right places for its clients.
“We believe in the long-term success of the brand [H&M] and while we continue to look for opportunities to maximize its potential, there may be some changes to our stores as part of this,” Le360 quoted t the Kuwaiti franchise operator as saying.
The spokesman also emphasized commitment to continue to operate “all our Starbucks stores in Morocco.”
The remarks from the spokesperson came after converging reports suggesting that the two brands will exit Morocco due to repercussions of a widespread commercial boycott initiated by Moroccans.
The boycott was triggered by Moroccans’ support and solidarity with Palestinians amid Israel’s bloody war and aggression in the Gaza Strip.
The boycott also targeted fast food giants such as McDonald’s and KFC.
However, reports said the decision came in response to lack of attractiveness for the businesses in the Moroccan markets.
In November, Starbucks celebrated a successful fourth quarter and fiscal year, delivering “on the higher end” of the company’s full-year guidance.
“Notably, we continue to see the positive impact of our Reinvention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all,” Starbucks chief Executive Officer Laxman Narasimhan said.
According to Companies Market Cap, H&M revenues in 2023 reached over $22 billion, showing an increase compared to 2022 ($22 billon), and a decrease compared to 2021 ($23 billion).
Source : Morocco World News
