Leadership tumult at Luckin appears to be ongoing even as it moves forward with new business developments, including inviting franchise partners.
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Posted inOn the Cusp
Luckin names new chairman and CEO in power shakeup
Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.
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 inHeavy Hitters
Luckin may face shareholder fraud lawsuit
Luckin is being investigated in the US for defrauding investors amid pressing concerns to recoup a dropoff in sales as a result of Covid-19.
Posted inHeavy Hitters
China’s SAIC to take over Luckin founder’s car business
If the deal proceeds, Luckin founder Charles Lu and his family will receive up to HK$1.37 billion, likely to be put toward the company’s cash crunch.
Posted inHeavy Hitters
Luckin CEO loses ‘significant’ voting rights after loan default
The default followed almost immediately after Luckin disclosed that its head of operations had fabricated billions of RMB worth of sales for most of 2019.
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 inHeavy Hitters
Luckin reportedly seeking Ele.me tie-up for deliveries amid profit pressures
The news also immediately comes after a delivery partnership between Luckin and Meituan was announced in December 2018.
Posted inUp and Comers
Coffee Box, another Starbucks challenger, raises RMB 200 million
Coffee Box began by offering delivery services from coffee chain brands including Starbucks.
Posted inUp and Comers
‘New retail’ coffee startup Luckin completes $200 million A round
China’s fast-growing “new retail” startup and purveyor of coffee Luckin has announced it has completed its A round of financing worth $200 million valuing it at $1 billion. The round was financed by Dazheng Capital, Joy Capital, the Government of Singapore Investment Corporation (GIC) and Legend Capital, Sohu reports. The rise of Luckin shows that […]
