RPT-FOCUS-China’s caffeine war: Fast-growing Luckin brews up a threat to Starbucks [Reuters (UK)]
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Source: Reuters
RPT-FOCUS-China’s caffeine war: Fast-growing Luckin brews up a threat to Starbucks | Reuters Reuters Staff 8 Min Read (Repeats story to additional subscribers) * Luckin only launched in January, but already has 660 outlets * Focuses on cheap delivery, online ordering and big discounts * Singapore sovereign wealth fund GIC is an investor * Speed of attack is a warning to other brands - consultants * Starbucks warned of flat or negative June qtr same-store sales * U.S. coffee chain seen as very resilient in face of new rivals By Pei Li and Adam Jourdan BEIJING/SHANGHAI, July 24 (Reuters) - Qian Zhiya may be Starbucks’ worst nightmare. The 42-year-old Chinese entrepreneur says she is betting that her fledgling Luckin Coffee brand will eventually have more cafes in China than Starbucks, and she has Singapore’s sovereign wealth fund and other investors bankrolling her plan. Luckin, which only officially launched in January, has opened more than 660 outlets in 13 Chinese cities thanks to a
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