Luckin Coffee zooms past Starbucks in China store count
Nasdaq-listed Luckin Coffee entered 2020 with a new title: the largest coffee chain in China by number of outlets, surpassing Starbucks.
The Xiamen-headquartered startup had 4,500 domestic locations opening by the end of 2019, outstripping the American competitor’s 4,300, according to Thinknum Alternative Data. The surge owes to a growth-first model, with heavy spending on marketing and promotions backed by investors including BlackRock.
Luckin’s Chinese store count first rose above Starbucks’ in early November, when both listed around 4,200 locations, Thinknum said. But Luckin has since opened new stores in its home market at a much faster clip.
Reported by Nikkei