<SEC-DOCUMENT>0000902664-24-001095.txt : 20240206
<SEC-HEADER>0000902664-24-001095.hdr.sgml : 20240206
<ACCEPTANCE-DATETIME>20240206153531
ACCESSION NUMBER:		0000902664-24-001095
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240206
DATE AS OF CHANGE:		20240206

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STARBUCKS CORP
		CENTRAL INDEX KEY:			0000829224
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				911325671
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0927

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20322
		FILM NUMBER:		24599939

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 34067
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98124-1067
		BUSINESS PHONE:		2064471575

	MAIL ADDRESS:	
		STREET 1:		2401 UTAH AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98134

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Strategic Organizing Center
		CENTRAL INDEX KEY:			0002001721
		ORGANIZATION NAME:           	
		IRS NUMBER:				203688367
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET, NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		(202) 721-0660

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET, NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
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<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p24-0705dfan14a.htm
<DESCRIPTION>STARBUCKS CORPORATION
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCHEDULE
14A</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxy
Statement Pursuant to Section 14(a)</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">of
the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Filed
by the Registrant</FONT> <FONT STYLE="font-family: Wingdings">&#168; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Filed
by a Party other than the Registrant</FONT> <FONT STYLE="font-family: Wingdings">&#254; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Starbucks Corporation</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Strategic
Organizing Center</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Service
Employees International Union</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Mary
Kay Henry</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Ahmer
Qadeer</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Michael
Zucker</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Maria
Echaveste</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Joshua
Gotbaum</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Wilma
B. Liebman</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">No fee required.</FONT></TD></TR>
  <TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 40pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">From time to time, the
Strategic Organizing Center may make the following communications, or substantially similar variations thereon, to shareholders of Starbucks
Corporation via the Strategic Organizing Center&rsquo;s social media channels and may refer to the attached article from Bloomberg.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">---</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">We believe Starbucks&rsquo; approach to its labor issues is causing
significant reputational damage to the Company and its shareholders. Bloomberg columnists Beth Kowitt and Leticia Miranda write that the
Company has been ignoring its social issues, including its labor approach, for too long: &ldquo;Corporations and Wall Street long put
these kinds of social issues into the bucket of reputational risk. It&rsquo;s time to start accepting that they&rsquo;re risks to the
bottom line, too.&rdquo; Read more here: <FONT STYLE="color: #5B9BD5"><U>https://bit.ly/SBUXBBG</U></FONT>. #BrewABetterStarbucks</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">Starbucks shareholders: The SOC is seeking to bring urgently needed
change to the Starbucks boardroom with highly qualified nominees with much needed expertise. Vote for the SOC&rsquo;s nominees TODAY
by calling (877) 285-5990. Visit <FONT STYLE="color: #5B9BD5"><U>www.BrewABetterStarbucks.com</U></FONT> to learn more about our campaign.
#BrewABetterStarbucks</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">---</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Starbucks Earnings Are a Warning: Take Boycotts Seriously</U> [Opinion]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Bloomberg</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>By Beth Kowitt and Leticia Miranda</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>February 1, 2024</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Customer pushback over the company&rsquo;s union battle and its statements
on the Israel-Hamas war are hitting the coffee chain&rsquo;s bottom line.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Starbucks Corp.&rsquo;s earnings miss on Tuesday was bleak but not shocking.
Close watchers of the Seattle-based coffee chain had been preparing for lackluster results given a slowdown in discretionary spending,
and growing price consciousness and competition in China.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">But analysts also pointed to another, more surprising factor weighing on
the company&rsquo;s results: the impact of consumer boycotts over the war in Gaza and the chain&rsquo;s drawn-out battle against employees&rsquo;
unionization efforts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Up until now, Wall Street had been hesitant to give much credence to the
idea that Starbucks&rsquo; embroilment in a firestorm of social, cultural and geopolitical issues could impact its financial performance.
Instead, most analysts wrote off previous boycott threats as &ldquo;noise,&rdquo; or said labor organizing only impacts a fraction of
stores. But Tuesday&rsquo;s results, with the company posting its slowest sales growth in a year, shows we&rsquo;ve entered a new era.
A generational shift is underway among consumers, and when companies step on the wrong side of certain hot-button issues, their customers
are reacting. Gen Z in particular has shown they are willing to do more than just post video rants on TikTok, actually putting their
money where their mouth is.</P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">It&rsquo;s understandable that most analysts have tended to overlook the
damage a boycott can do. The business impact of angry customers is hard to quantify and doesn&rsquo;t fit neatly into a financial model.
And historically, consumers have rarely followed through. We can even look to Starbucks itself for an example. After the coffee company
promised to hire 10,000 refugees in response to President Donald Trump&rsquo;s 2016 immigration ban, two consumer groups formed: one threatening
to boycott Starbucks, and another saying it would &ldquo;buycott&rdquo; in support of the pledge. A study underway from Brayden King,
a professor at Kellogg School of Management at Northwestern University, has found that, in reality, neither group ended up changing their
purchasing behavior.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">But eight years later, the landscape has shifted &mdash; in large part
because of how fragmented the news ecosystem has become. Consumers are losing trust in mainstream media and increasingly turning to their
social feeds for information; more than three-quarters of Gen Z adults and two-thirds of millennials rely on social media for news, according
to S&amp;P Global Market Intelligence. On places like TikTok and Instagram, chatter about a business, whether accurate or not, travels
fast and tempers can be quick to inflame.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Starbucks is just the latest company to learn that a social media frenzy
can have concrete business consequences. Last year, Bud Light lost its spot as the top-selling beer in the US after a partnership with
transgender social media influencer Dylan Mulvaney led to blowback from conservatives. Over the summer, Target said that a &ldquo;negative
reaction&rdquo; to its Pride Month collection contributed to its sales decline in the second quarter last year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">But there&rsquo;s something unique about the Starbucks backlash. Not only
is it coming from the political left, but it&rsquo;s hitting on two fronts: a messy public battle with its union and anger over the Israel-Hamas
war. The two issues became entangled in October two days after the Hamas attack on Israel, when the employee union Starbucks Workers United
posted a now deleted tweet reading &ldquo;Solidarity with Palestine!&rdquo; on X, formerly known as Twitter. Starbucks quickly distanced
itself from the union in a statement that said, &ldquo;We unequivocally condemn acts of terrorism, hate and violence, and disagree with
the statements and views expressed by Workers United and its members. Workers United&rsquo;s words and actions belong to them, and them
alone.&rdquo; Consumers who have been critical of the company&rsquo;s alleged union-busting and Israel&rsquo;s invasion of Gaza vowed
to boycott the company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Starbucks is in a particularly vulnerable spot. Over the years, the coffee
giant has cultivated a reputation as a progressive company, speaking out on social issues like Black Lives Matter and same-sex marriage
long before that became the norm in parts corporate America. Now, the company&rsquo;s public stances have made it more of a target when
customers don&rsquo;t feel like it&rsquo;s living up to its purported values. In comparison, McDonald&rsquo;s has also been the subject
of boycotts after reports that an Israeli franchisee gave free meals to the Israeli military. But Bloomberg Intelligence research parsing
social media data predicted that the impact on McDonald&rsquo;s sales and traffic would be short-lived, while Starbucks could feel the
effects of its boycotts into 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bloomberg Intelligence report found that social media posts calling
for boycotting Starbucks jumped to an average of 466,000 a month in the fourth quarter, compared to 3,200 the rest of the year. That
seems to have translated into real action, especially on college campuses. Cornell University said it won&rsquo;t renew its contract
with Starbucks after students protested the company&rsquo;s anti-union tactics. Students at UCLA and UC Riverside are petitioning to
have the schools end their relationships with the company. These actions impact only a few stores but should be worrisome to Starbucks
since college students are its future customer base.</P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Starbucks now seems to be acknowledging the effects on the business. During
its earnings call on Tuesday, Chief Executive Officer Laxman Narasimhan told investors that events in the Middle East &ldquo;had an impact
in the U.S., driven by misperceptions about our position.&rdquo; And the company&rsquo;s stance on the union seems to have softened. Last
month Starbucks sent a public letter saying it wanted to resume bargaining and reach a contract with represented stores in the coming
year, and in November it announced a new board committee in part formed to address employee interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This seems like progress. Corporations and Wall Street long put these kinds
of social issues into the bucket of reputational risk. It&rsquo;s time to start accepting that they&rsquo;re risks to the bottom line,
too.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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