Luckin doubled its valuation to US$2 billion after a recent funding round.
China’s “new retail” startup Luckin Coffee announced today to accelerate and expand its business in light meals and snacks. The news comes just days after rumors that Luckin’s biggest competitor Starbucks is planning to deliver coffee with the help of Alibaba-owned food delivery platform Ele.me. During its press event on August 1st, Luckin introduced a price […]
Guo Jinyi, co-founder and senior vice president at Luckin, responded to the Alibaba-Starbucks deal by saying that traditional retail, even with the increased takeaway and mobile payments, is not necessarily new retail since the fundamental business model had not changed.
Starbucks said to deliver coffee in tie-up with Alibaba’s Ele.me —SCMP What happened: Starbucks is planning to deliver coffee with the help of Alibaba-owned food delivery platform Ele.me, according to unnamed sources. The move comes after Starbucks reported a 2% decline in revenues for the last quarter. The two companies are yet to confirm the news. […]
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 […]
The rumor about a possible tie-up between Starbucks and Alibaba-backed delivery service Ele.me has been around for a while. But it turns out that the partnership is much larger in scale than previously thought. The partnership will cover nearly every key business within the Alibaba ecosystem, including Ele.me, Hema, Tmall, Taobao, and Alipay.
China’s new popular coffee brand Luckin Coffee may just become another unicorn on the country’s tech scene in half a year. The Beijing-based coffee retail store is reported to have raised $200 to 300 million in Series A funding, valued at more than $1 billion, according to 36Kr (in Chinese). The company didn’t respond to […]
Luckin Coffee (瑞幸咖啡), a new coffee brand the “new retail professional coffeeshop operator”, has announced that it now opened in 13 cities, 400 stores, served 1.3 million customers with 5 million cups of coffee after 4 months of soft launch, TMT Post is reporting. The CEO of Luckin Coffee, Qian Zhiya (钱治亚), is the former COO […]