Starbucks Faces Off With China's New Nasdaq-listed, Techie Upstart Luckin Coffee [Forbes]
Starbucks Corporation (SBUX)
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Source: Forbes
Starbucks Faces Off With China's New Nasdaq-listed, Techie Upstart Luckin Coffee Jenny Qian Zhiya, CEO, Luckin Coffee, at Nasdaq IPO. Photographer: Victor J. Blue/Bloomberg © 2019 Bloomberg Finance LP China is again scoring with a made-in-China business model that is more advanced than Western ways. This time, the example is Luckin Coffee, which is an upstart challenger to Starbucks in China. Luckin Coffee raised $561 million in an IPO on Nasdaq today, and its share price climbed 20 percent. The homegrown Chinese coffee chain has brought tech to coffee with an on-demand ordering and delivery service. It's not all that dissimilar to how Uber's mobile app works for rides, routing and deliveries, except in this case, for coffee. Order your favorite brew by mobile app on your way to work and get it delivered within 30 minutes, or pick it up at a nearby kiosk as you hurry past. Growth at Starbucks in China has slowed since Luckin came on strong. But Starbucks has reacted quickly in China,
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