Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
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.
The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.
The IPO filing comes a week after the company’s $150 million Series B+ that is raised at a valuation of $2.9 billion.
Its rapid, capital-fueled growth and widening losses leave the question of sustainability open for debate.
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 […]
Heytea started out in southern China’s Guangdong province in 2012 and later expanded to most tier-one and tier-two cities in China.
Starbucks has always had lots of competitors and China is no exception.