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Starbucks to nearly double spending with diverse suppliers by 2030

Stock MarketsJan 11, 2022 10:02AM ET
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© Reuters. FILE PHOTO: The Starbucks logo hangs on a window inside a newly designed Starbucks coffee shop in Fountain Valley, California August 22, 2013. REUTERS/Mike Blake

By Hilary Russ

NEW YORK (Reuters) - Starbucks Corp (NASDAQ:SBUX) will nearly double its spending with suppliers and vendors from underrepresented groups in North America by 2030 to $1.5 billion, it said on Tuesday.

Dennis Brockman, Starbucks' chief global inclusion and diversity officer, said the company believes it can use the COVID-19-related global supply chain disruption to increase diversity.

"This will give us an opportunity to seek out and search for more" Black, indigenous and people of color who are building businesses, he said. "Smaller companies... can take advantage of this current situation."

The global coffee chain said it will update annually its progress on the spending.

Starbucks and other major restaurant companies, including McDonald's Corp (NYSE:MCD), have laid out new diversity goals amid a national reckoning over race prompted by the May 2020 murder of George Floyd, a Black man, by a Minneapolis police officer.

Starbucks also said on Tuesday that it will spend 15% of its fiscal 2022 paid media budget with minority-owned media companies. The company declined to provide a dollar figure.

Starbucks to nearly double spending with diverse suppliers by 2030
 

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Comments (4)
Todd Gray
Todd Gray Jan 12, 2022 3:35AM ET
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I wasn't a corporation that chose to pretty much hire only white oeople for decades. Why should I be punished by having my opportunity taken away. I'm getting sick of dropping my money at Starbucks anyway. I prefer locally owned businesses. Starbucks can become the politically correct coffee shop. I prefer liberty, freedom of choice, and the freedom to speak what I really think. If the place becomes a house of torture by mass formation for those dare to attempt rational adult conversation, then Starbucks can stick it.
El Broker
El Broker Jan 11, 2022 10:21AM ET
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It's OK to discriminate
Ha Hawk
Ha Hawk Jan 11, 2022 10:08AM ET
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This type of discrimination only adds fuel to racial division, rather than defusing it. The road to *******is paved with "good intentions".
Patrick Turner
Patrick Turner Jan 11, 2022 9:21AM ET
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So they wont consider white owned businesses even if they are lower priced and present a better quality product? Isnt that full on racism?
 
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