Luckin Coffee stated that there is currently a shortage of ingredients for the "Sauce Fragrance Latte" and has urgently purchased a new batch of Moutai liquor from Kweichow Moutai.
On September 4th, Luckin Coffee officially announced a strategic partnership with Kweichow Moutai, becoming the first Chinese chain restaurant brand to establish such cooperation.
This marks the opening of Luckin Coffee's 10,000th store and has been a milestone event for the company since its founding six years ago. Over the past six years, Luckin has witnessed its shining moment with its listing on NASDAQ in 2019 but also suffered from financial fraud allegations and bankruptcy reorganization in April 2020.
Recently, Luckin Coffee released its Q1 2023 financial report. The report shows that Luckin Coffee achieved a total net revenue of RMB 4.437 billion (USD 640 million) in the first quarter of this year, an increase of 84.5% year-on-year.
On March 31st, Luckin Coffee opened two new stores in Singapore and entered the trial operation phase.
On February 2, American multinational coffeehouse and roastery chain, Starbucks, reported its financial results for its 13-week fiscal first quarter ended January 1. Its global comparable store sales increased by 5%, but comparable store sales in China decreased by 29%.
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.
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.
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."
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.
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."
The Hurun Research Institute released its Global Unicorn Index 2022 Half-Year Report on August 30, offering a ranking of the world’s startups founded since 2000 and worth at least $1 billion, although not yet listed on a public exchange.
Some web users posted pictures recently suggesting that Chinese beverage chain Luckin Coffee has opened branches in Thailand. In response, Luckin Coffee issued a statement on August 9, clarifying that such reports were not true.
Luckin Coffee began to be profitable in May this year, meaning it has achieved its annual target ahead of schedule. The firm declined to comment.
Charles Lu, founder of the controversy-ridden Luckin Coffee, now its ousted CEO, is said to embarking on his next venture: noodles restaurants, according to the latest from 36kr.
Luckin Coffee Inc. reportedly achieved positive cash flow per store in July, except for roughly 300 stores located at universities that have been closed due to the COVID-19 pandemic.
Chinese coffee chain Luckin Coffee’s Chairman Charles Zhengyao Lu has faced criminal charges based on evidence of his involvement in financial scandals and the company’s internal investigation, local media reported on Wednesday.
While authorities found Luckin Coffee Inc paid taxes on bogus transactions, its CEO said their business model is correct and willing to participate in any investigations.
Chinese coffeehouse chain Luckin Coffee fired its CEO and COO amid an investigation into the company’s accounting scandal.