Chinese beverage chain Luckin Coffee announced its launch of a new round of partner recruitment to expand franchised stores on December 5. The initiative covers nine provinces and 41 urban areas, mainly in third- and fourth-tier cities.
Jasper Luo, former president of Umeng+, an Alibaba-backed startup providing mobile app analytics solutions for mobile development teams and individual developers, reportedly joined Starbucks China earlier this year as CTO.
Cotti Coffee, a new venture of Charles Lu, the former chairman of Luckin Coffee, opened its first offline store in Fuzhou in late October, and the brand has been making further progress since then.
Faced with pressure from competitors such as Luckin Coffee and Tims China, Starbucks, which has always been known for its reserved attitude towards China, has been changing its strategy for tackling the country's domestic market.
It has been more than a month since the Chinese business of Canadian coffee chain Tim Hortons went public on the Nasdaq, but so far, the coffee company that is trying to become the second Starbucks has not performed well in the US stock market.
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."
On October 11, Starbucks China announced to employees that Belinda Wong, the chairwoman of the firm, was re-appointed as CEO, and Leo Tsoi, the current CEO, will serve as a consultant to the Chinese management team over the next three months.
The Chinese business division of Canadian coffee chain Tim Hortons will officially commence trading on the Nasdaq on September 29. Proceeds from the listing will be used to expand its coffee business in China.
On September 14, Starbucks's China division officially released its 2025 China Strategic Vision, launching a new value-oriented growth plan featuring heavy investment in the country.
Charles Lu, co-founder of Chinese beverage chain Luckin Coffee, is planning another entrepreneurial project involving the launch of a new coffee brand named "Cotti Coffee."
On August 22, Chinese coffee chain Luckin Coffee issued a statement on infringement phenomena about its partnership model, saying that it has suspended the recruitment of partnership store operators with uncertain reopening timetables.
Canadian coffee chain Tim Hortons has recently made further progress in plans to list its Chinese business division in the US. Silver Crest, a special purpose acquisition company, will hold a general meeting regarding the merging matter on August 18.
News emerged on Monday that Chinese beverage chain Luckin Coffee is considering carrying out a public listing in Hong Kong as its business gets back on track. However, the company issued a statement denying such reports.
Chinese coffee chain Luckin Coffee released its audited financial statements for the 2021 fiscal year on Thursday. The report shows that the revenue of Luckin Coffee throughout the year was $1.25 billion, a year-on-year increase of 97.5%.
Chinese beverage chain Luckin Coffee on Monday announced that the company has successfully completed the restructuring of financial debt and has emerged from bankruptcy proceedings under United States code.
In last week’s VC news, fast fashion e-commerce giant SHEIN set its eyes on a massive $100 billion valuation, several local AR/VR firms raised considerable investment rounds, PAG took a major stake in %Arabica, and more.
PAG has completed investment in Chinese gourmet coffee brand %Arabica, becoming a major shareholder of the firm.
Luckin Coffee on Thursday announced its unaudited financial results for the three months ended December 31, 2021 and entire fiscal year.
Coffee chain Manner Coffee announced last Sunday that it will launch delivery services in Beijing, Shanghai, Shenzhen and other cities by cooperating with food delivery giant Meituan.
Chinese beverage chain Luckin Coffee on Monday announced that, pursuant to an order by the Grand Court of the Cayman Islands dated February 25, 2022, the firm's winding up petition has been dismissed.