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Coffee startup Luckin plans to overtake Starbucks in China this year [Copy link] 中文

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Post time 2019-1-4 15:24:53 |Display all floors
Chinese coffee startup Luckin is aiming to open 2,500 new stores this year and overtake Starbucks Corp as the largest coffee chain by number of outlets in the world's second-biggest economy, it said on Thursday.

The firm, which only officially launched its business at the start of last year, has expanded at breakneck speed, propelled by a focus on technology, delivery, and heavy discounting even at the cost of mounting losses.

“What we want at the moment is scale and speed,” Luckin's chief marketing officer, Yang Fei, told reporters on Thursday at a presentation in Beijing.

“There's no point talking about profit,” he said, adding that subsidies to lure in more users would be an important part of the firm's strategy for the next few years.

Luckin said it was targeting a total of more than 4,500 stores by the end of 2019, which would take it past Seattle-based Starbucks that has long dominated China's coffee scene and has over 3,600 stores in the country.

Luckin's caffeine-fueled expansion is in stark contrast to Starbucks, which opened its first China store in 1999 and has spent two decades reaching its current store count.


The U.S. chain, which spearheaded the growth of coffee culture in China, started to see competition rise from smaller peers over the last 18 months, though Luckin has stood out as the most aggressive competitor.

But Luckin's rise has not come cheaply.

The firm recorded a loss of 800 million yuan (116.34 million U.S. dollars) last year, which its chief marketing officer said was in line with expectations as it pushed to expand.

Luckin, backed by Singapore sovereign wealth fund GIC Pte Ltd and China International Capital Corp Ltd, opened more than 2,000 locations in the last year, gaining a valuation of 2.2 billion U.S. dollars after raising 200 million dollars in a funding round last month.

The firm declined to answer questions about IPO plans on Thursday.

Source(s): Reuters

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Post time 2019-1-4 16:40:24 |Display all floors
Have yet to try your coffee, but it cant be any worse than starbucks. ..
if you want something in life get off your backside, and do it yourself!! don't rely on others to do it for you

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Post time 2019-1-4 20:05:17 |Display all floors
i tasted it quite good

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Post time 2019-1-4 23:19:26 |Display all floors
JeffreyArcher Post time: 2019-1-4 20:05
i tasted it quite good

We have them in HonG KonG.

Better that Starbuck

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Post time 2019-1-5 11:38:53 |Display all floors
This post was edited by pnp at 2019-1-5 13:04

Competition is always good for consumers!  Starbucks getting too complacent, good to see others entering the market and giving them a good fight!  Btw, Starbucks is very pricey;  Luckin will force them to re-think their pricing policy; after all a cup of coffee is the same whether from Luckin or Starbucks!  Starbucks is cashing in on their brand, appealiing to those with snob appeal, who don't mind paying through their nose!

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Post time 2019-1-7 22:40:27 |Display all floors
This post was edited by parcher at 2019-1-7 22:40
Thankopam Post time: 2019-1-4 23:19
We have them in HonG KonG.

Better that Starbuck

Vile company starbucks
if you want something in life get off your backside, and do it yourself!! don't rely on others to do it for you

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Post time 2019-1-8 01:34:00 |Display all floors
both sell/use 3rd-grade coffee
some day Jiangsu will rule China

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