Starbucks sales 85hundred-million-won losses, a direct hit to Shinsegae and E-Mart
5·18 consumer behavior related to the incident led Starbucks to record a loss of about 85 hundred million won in sales in just one week, while app installations fell 24%. Along with an apology from Chung Yong-jin, E-Mart shares fell to the 8ten-thousand-won level, and financial authorities put disclosure plans on hold for 11 listed companies.
5·18 Following the so-called “Tank Day” related to the incident, consumer reactions had an immediate impact on some retailers and food-service companies. Starbucks was reported to have lost about 85 hundred million won in sales over the course of a week. During that period, app installations 24%.
E-Mart, an affiliate of Shinsegae Group, saw its shares fall to the 8ten-thousand-won level despite an apology from CEO Chung Yong-jin. The company is said to have continued apologizing and responding. Attention is focused on whether the related reaction will continue for an extended period.
Financial authorities put disclosure plans on hold for 11 listed companies, including E-Mart and Netmarble. The Financial Supervisory Service is reported to have requested information on the relevant disclosures and the release of additional information. Following the agency’s action, the companies are adjusting their disclosure procedures.
A government official announced plans to establish an organization dedicated to handling complex cases. It was confirmed that the announcement included plans to review Starbucks’ terms and conditions. The relevant authorities said they would examine consumer harm and corporate terms together.
Companies are issuing related notices and conducting internal reviews. Some companies are reportedly organizing app and sales statistics, along with customer-response plans, and preparing disclosures. Further disclosures are expected in response to market and consumer reactions.