Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
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Posted inOn the Cusp
Luckin apologizes to staff after month-long fraud tumult
Luckin apologized to its employees for the upheaval following its fraud admission in early April, and on the same day removed its CEO and COO.
Posted inOn the Cusp
Starbucks rival Luckin Coffee files for US IPO
The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.
Posted inOn the Cusp
Briefing: Starbucks China challenger Luckin aiming for $586.5 million IPO
The IPO filing comes a week after the company’s $150 million Series B+ that is raised at a valuation of $2.9 billion.
Posted inOn the Cusp
Briefing: Starbucks China rival Luckin upsizes US IPO to raise $561 million
Its rapid, capital-fueled growth and widening losses leave the question of sustainability open for debate.
Posted inOn the Cusp
Meteoric cafe startup Luckin Coffee threatens Starbucks with unfair competition lawsuit
Luckin Coffee, the coffee shop startup using market acquisition tactics borrowed from China’s internet companies, has written an open letter to Starbucks accusing it of monopolistic practices in the country and proposing a possible lawsuit, according to Tencent News (in Chinese). Luckin has taken issue with Starbucks’ exclusivity rights with property owners and putting pressure […]
Posted inOn the Cusp
Tea is the new coffee: Bubble tea chain gets $2.3 billion valuation
Heytea started out in southern China’s Guangdong province in 2012 and later expanded to most tier-one and tier-two cities in China.
Posted inOn the Cusp
Briefing: Starbucks is well-positioned for long-term growth in China – CEO
Starbucks has always had lots of competitors and China is no exception.
