# Starbucks Model

A Bitter Brew: The Precipitous Fall of Nayuki’s Tea and the Death of the Premium 'Third Space' Dream

Nayuki’s Tea has seen its stock price collapse by over 95% as its high-end 'Third Space' business model fails to adapt to China's price-sensitive and delivery-heavy market. Despite store optimizations and narrowing losses, the brand's late entry into franchising and weak supply chain continue to drag down performance.