The Olympics may have been delayed, but we saw a gold medal dive from Luckin Coffee’s shares. Its fraud is a cautionary tale—but about what?
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.
‘If there’s anything to be learned about Luckin Coffee, it’s that there’s always more than meets the eye.’ Luckin skeptic Michael Norris has more questions.
The IPO filing comes less a week after the company’s $150 million Series B+ that raised its valuation to $2.9 billion.
Chinese consumers have reacted positively to the brand, which positions itself as an alternative to Starbucks.
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 […]
Starbucks has always had lots of competitors and China is no exception.