MEXICO CITY Seeking to quell a social media marketing campaign imploring Mexicans to boycott U.S. firms, Starbucks defended itself on Friday, saying it had invested tens of millions within the nation, created greater than 7,000 jobs, and that its native unit is Mexican-owned.
The assertion got here after disparate social media campaigns directed at U.S. firms primarily based in Mexico gained traction, following U.S. President Donald Trump’s order to construct a border wall alongside the nation’s southern border and promise to make Mexico pay for it.
In an announcement, Starbucks (SBUX.O) stated its Mexican operator Alsea (ALSEA.MX) has some 560 shops throughout Mexico, representing an funding of 5 billion pesos ($239 million), and sells Arabica espresso beans harvested within the southern Mexican state of Chiapas all over the world.
Even so, a marketing campaign urged Mexicans to not purchase merchandise from the world’s largest espresso vendor, with the hashtag #AdiosStarbucks trending on Twitter earlier this week.
Social media customers have additionally known as for boycotts of U.S. firms together with McDonald’s (MCD.N), Wal-mart (WMT.N), and Coca-Cola (KO.N).
Earlier this month, a Mexican state governor stated his administration would not purchase vehicles from U.S. auto maker Ford (F.N), calling on others to do the identical after the corporate abruptly canceled a deliberate funding within the nation.
“It’s time for Mexicans to show what we’re made of,” Alejandro Moreno, governor of the southeastern state of Campeche, stated.
“Actions like this should multiply across the country.”
On Friday, Mexico’s wealthiest man, Carlos Slim, weighed in on the subject, saying he thought makes an attempt to boycott U.S. firms had been flawed.
“They are American businesses that have come to invest in Mexico, to give employment in Mexico, to produce in Mexico,” Slim stated. “What needs to be done really is consuming what the country produces.”
Shares of Starbucks closed down four % on Friday to $56.12, the bottom degree since Jan. four.
(Reporting by Natalie Schachar and Christine Murray; Editing by Sandra Maler)