Subscribe to our newsletter! Stay always in touch!
Nothing on this website or any associated links should be considered financial advice. Always consult a qualified financial, tax, or accounting professional before making any financial decisions.
Disclaimer: The information provided by The People’s Economist (TPE) in our financial calculators and dashboards is for general informational purposes only and is not intended to provide specific financial or investment advice. The calculations provided by these tools are based on certain assumptions that may vary with your specific circumstances. Though TPE does our best to assure the accuracy of our calculators, we make certain simplifying assumptions in some cases and the results of the financial calculators are not guaranteed and are not a substitute for professional financial advice. Users should seek the advice of a finance professional before making any financial decisions. Though we do our best to ensure the accuracy of the calculators, TPE is not responsible for any errors or omissions, or for any action taken in reliance on information contained on this website. TPE expressly disclaims all liability in respect of any actions taken or not taken based on any contents of this website. By using TPE financial calculators and dashboards, you agree to hold TPE harmless from any and all losses, liabilities, or expenses incurred as a result of using the information provided. The use of TPE Website and its contents does not create a client relationship with TPE. TPE may update or modify this disclaimer at any time without prior notice. By continuing to use TPE’s financial calculators after any changes to this disclaimer, you accept and agree to any and all modifications. Please contact us with any questions or concerns about this disclaimer or its use of financial calculators
The headquarters of Starbucks Korea was raided by South Korean police on Wednesday, as they continue to investigate the coffee chain that faced a nationwide backlash and publicity crisis over a disastrous ad campaign.
The Seoul metropolitan police confirmed to CNN they had searched the headquarters in relation to the upcoming Liberation Day next week, a public holiday marking South Korea’s liberation from Japanese colonization during WWII – but declined to share further details.
It’s the latest headache for Starbucks in South Korea after an ill-timed ad campaign several months ago sparked public anger, forcing it to apologize and fire an executive.
The crisis began in May, when Starbucks Korea – which is licensed to and managed largely by Korean conglomerate Shinsegae Group – launched a “Tank Day” marketing campaign to promote what it called its “Tank” line of tumblers.
But it was unveiled on the same day as Democratization Movement Day, which commemorates the 1980 Gwangju Uprising, when more than 100 civilians were killed during pro-democracy demonstrations led by students during an era of military rule.
The brutal crackdown lives in many people’s memories and is a sensitive topic in a country that has worked hard over many decades to transition from authoritarianism to democracy.
It’s also one reason the Korean public reacted so quickly and furiously when then-President Yoon Suk Yeol briefly declared martial law in December 2024, prompting hundreds of protesters –– including some who had participated in the 1980 uprising –– to rush to parliament demanding the declaration be rescinded.
The Starbucks campaign in May provoked criticism from South Korean President Lee Jae Myung, who was elected after Yoon’s impeachment and said he was “enraged” by the campaign, Reuters reported.
Starbucks Korea issued a formal apology that day, shortly followed by Starbucks Global, which said an investigation had begun into what went wrong. The day after the campaign launch, Shinsegae Group fired the CEO of Starbucks Korea, citing “inappropriate marketing.”
The company has since seen a significant drop in sales, and has been in damage control mode – including shutting all its stores in South Korea for an afternoon in June so staff could undergo mandatory training on historical awareness and social sensitivity.
