Chinese coffee startup Luckin aims to open 2,500 stores in 2019 in China, reports Reuters. The company is targeting a total of more than 4,500 stores by the end of the year, which would take it past Starbucks Corp.'s over 3,600 stores in the country.
The firm only officially launched its business at the start of 2017 and has expanded at breakneck speed, propelled by a focus on technology, delivery, and heavy discounting. Luckin recorded a loss of $116.3 million in 2018, which its chief marketing officer said was in line with expectations as it pushed to expand. The company gained a valuation of $2.2 billion after raising $200 million in a funding round in December and is said to be in early-stage talks with investment banks about an overseas IPO. Full Story
Related: Historically Low Coffee Bean Prices to Drive Cutbacks; Luckin Coffee To Expand Delivery in China.
from Industry Operations http://bit.ly/2F5BYji
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