Starbucks has responded to the boycotts for the first time

Responding to the boycotts, Starbucks said, "Our position is clear. We stand with humanity . "

Starbucks CEO Laxman Narasimhan said Starbucks' position on the war between Israel and Hamas has been misrepresented.

In an open letter published on the Starbucks blog, Narasimhan, who took over as CEO in March, did not directly address the war. Instead, he spoke of the world's "conflicts" that cause "violence, hatred and lies against the innocent" and expressed his condemnation of all of them.

Boycotts erupted after the coffee chain sued its employees, the United Workers Union, for posting anti-Israel messages on social media using logos similar to the Starbucks brand.

The company asked the union to stop using its name and logo, claiming trademark infringement. It also said the company had no official position on the Gaza war, and that social media posts had sparked complaints and damaged its brand.

In his letter to employees, Narasimhan noted that vandalism has occurred at many Starbucks stores, and that the company is working with local authorities to ensure the safety of its employees and customers.

"Although I am grateful for many things, I am concerned about the state of the world we live in. There are conflicts in many places. There is violence against the innocent, hatred and armed rhetoric and lies, all of which we condemn," he said. Narasimhan added: "Our position is clear. We stand with humanity."

Shares of the world's largest coffee company have reportedly fallen 9 percent since mid-November, shedding about $11 billion in market capitalization.