Luckin Coffee's annual revenue exceeded 10 billion yuan ($1.45 billion) for the first time last year. This year, the Chinese coffee chain targets to establish 10,000 stores despite competition from Cotti Coffee, a new brand launched by Luckin former chairman Charles Lu.
Cotti Coffee, a new coffee brand created by Luckin Coffee's original core team, opened its first store in Shanghai in November, situated next to an outlet of its competitor, Starbucks. The coffee brand is also the sponsor of Argentina, the 2022 World Cup champion.
To cap off the 2022 FIFA World Cup in Qatar, Argentina defeated reigning champion France 7-5 (4-2 on penalties) to win the coveted title for the first time in 36 years. Nearly as excited as Argentinian fans were many Chinese sponsors, including NetEase Media, a subsidiary of Chinese internet company NetEase, and others.
On November 20, the FIFA World Cup Qatar 2022 opened. From manufacturing, brand marketing, cultural derivatives to event broadcasting, the stadium is full of Chinese elements.
Charles Lu, the former chairman of Luckin Coffee, and Jenny Qian, the firm's former CEO, announced on October 22 that the first location of Cotti Coffee has opened in the eastern Chinese city of Fuzhou, adding that the "team of coffee dreamers is starting the journey again."