Luckin Coffee

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Luckin Coffee Inc.
Native name
瑞幸咖啡
Public
Traded asNASDAQLK
FoundedOctober 2017 (2017-10)
FounderJenny Qian Zhiya, Lu Zhengyao
Headquarters,
Number of locations
3,680 <http://investor.luckincoffee.com/static-files/e228e5f9-e47f-47e4-b8dd-f1cabe870ebb> (November 2019)
Key people
Jenny Qian Zhiya (CEO), Lu Zhengyao (chairman)
ProductsCoffee
Websitewww.luckincoffee.com

Luckin Coffee (Chinese: 瑞幸咖啡; pinyin: Ruìxìng Kāfēi) is a chain of coffee shops in China.[1][2] The company was founded in Beijing in October 2017.[3] Most of its outlets are small booths that fill online orders for pickup or delivery. It manages around 4,260 (Nov 2019) locations in China.

History[edit]

Luckin Coffee was launched in October 2017. By December 2017, 9 Luckin Coffee stores had opened.[4]

The company has launched with a high-growth strategy to grab shares of China's booming coffee retail market, and to outnumber Starbucks' stores in China by the end of 2019.[5]

On January 1, 2018, Luckin Coffee started its shops in Beijing and Shanghai.[6][7] On May 8, 2018, it reached 525 active shops. On July 11, Luckin Coffee announced the completion of Series A financing, total US$20 million. Singapore government investment company (GIC) is on the investment company list.[8] In August 2018, 809 shops were opened.[9][10]

On 6 September 2018, Luckin Coffee signed a strategic cooperation agreement with Tencent,[11][12] and became the only coffee shop in the Beijing Palace Museum.[13]

In 2018, Luckin spent three times as much as it earned to feed its growth strategy.[14] In December 2018, Luckin raised new investor funding in the amount of US$200 million in this month. The company now has a valuation of over two billion dollars. On 16 May 2019, Luckin Coffee started trading on the NASDAQ at $17 a share.[15] After reaching $25.96 on the first day, the stock plunged back to $16 on its second day of Nasdaq trading.[16][17]

Products[edit]

Purchases can only be made through the Luckin mobile application.[14]

Luckin offers coffee-based drinks regularly found in other coffee shops, and has a selection of recipes custom-made for the palates of the Chinese consumers.[14]

Luckin Coffee hired Hidenori Izaki (2014 World Barista Champion) to advise the company on recipes and store designs.[14]

References[edit]

  1. ^ "China's Luckin Coffee takes on Starbucks". Cnbc.com. Retrieved 28 December 2018.
  2. ^ "This coffee company thinks it can beat Starbucks in China". Cnn.com. Retrieved 28 December 2018.
  3. ^ "Luckin Coffee, China's Newest Unicorn, is Challenging Starbucks' Market Stranglehold". Radiichina.com. 26 July 2018. Retrieved 30 December 2018.
  4. ^ Alfred Romann (17 May 2019). "Crazy cheap cappuccinos: China's Luckin Coffee chain goes public". Aljazeera.com. Retrieved 3 July 2019.
  5. ^ Maggie Fitzgerald (16 June 2019). "Wall Street sees major growth potential for Luckin in untapped Chinese coffee market". Cnbc.com. Retrieved 17 June 2019.
  6. ^ 「星巴克勁敵」展開融資 瑞幸咖啡有意於香港、紐約上市 YAHOO!奇摩, November 8, 2018
  7. ^ 郭谨一:如果创业是马拉松 瑞幸咖啡刚刚是前五 新浪財經,November 20, 2018
  8. ^ 完成2亿美元A轮融资 瑞幸咖啡做好了长期亏损准备? 手机金融界,2018年7月11日
  9. ^ 疯狂的瑞幸 年内目标开店2000家 能成功狙击星巴克吗? 证券时报网,2018年8月2日
  10. ^ 布局咖啡厅“店中店” 瑞幸的攻防战 新浪财经,October 10, 2018
  11. ^ 瑞幸咖啡与腾讯签署战略合作 中国咖啡市场及发展前景分析 凤凰网,September 7, 2018
  12. ^ 中国咖啡市场白热化 瑞幸咖啡与腾讯达成战略合作 搜狐网,September 6, 2018
  13. ^ luckin coffee在故宫开店了,文案设计满分! 微信公众平台,September 21, 2018
  14. ^ a b c d Mary Hui (14 May 2019). "What you can eat and drink at Starbucks's China rival". Qz.com. Retrieved 3 July 2019.
  15. ^ Amelia Lucas, Leslie picker (16 May 2019). "Starbucks' China challenger Luckin Coffee prices IPO at $17 a share". Cnbc.com. Retrieved 17 June 2019.
  16. ^ Janet Freund (23 May 2019). "Luckin Coffee Burns Investors With 39% Plunge". Bloomberg.com. Retrieved 3 July 2019.
  17. ^ Paul R. La Monica (17 May 2019). "Luckin Coffee surges in Wall Street debut". Cnn.com. Retrieved 3 July 2019.