Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Fiat Chrysler Plans to Halt Its Serbia Plant on Coronavirus
China’s 58 Home Delays U.S. IPO As Epidemic Weakens Customer Demand: Bloomberg
China’s BOE Takes Crown in Global Smartphone Panel Shipments in 2019: Research Firm
Huawei Hit With Racketeering Charge in Expanding U.S. Case
Chinese Truckmaker and Israeli Sensor Firm Team Up on Self-Driving Trucks
Mobile World Congress Canceled Due to Coronavirus Concerns
Hundreds of Chinese Companies Seek Billions in Loans Due to Coronavirus: Reuters
Finance Ministry Allocates More Special Bonds Early to Boost Economy
Alibaba-Owned Video-Streaming Service Youku Signs Drama Deal with BBC Studios
Electric Car Maker Nio’s January Sales Plummet Amid Epidemic
Tesla Stock Climbs As Its Shanghai Plant Restarts Production Amid Virus Outbreak
Chinese AI Company iFlyTek Asks U.S. to Lift Export Ban So It Can Buy Medical Supplies
Government Revenue Growth Dips to More Than Three-Decade Low
China’s Smartphone Shipments Could Drop 30% in Q1 Due to Coronavirus: IDC
Vast Majority of U.S. and U.K. Businesses in China Hit by Virus, Some Relocating Jobs: Surveys
ByteDance-Owned Apps See Sharp Surge in China Downloads Amid Outbreak
Foxconn Says Plant Restart Hinges on China’s Guidance
Pangolins Latest Animal Identified as Intermediate Coronavirus Host
Huawei Sues U.S. Carrier Over Alleged Patent Infringements
Customs Authority to Consolidate January and February Trade Data Into Single Item
Coffee Upstart Luckin Plans to Overtake Starbucks in China This Year

By Charlotte Yang / Jan 03, 2019 06:01 PM / Business & Tech

Photo: VCG

Photo: VCG

Luckin Coffee says it aims to overtake Starbucks and become China's biggest coffee chain, with over 4,500 shops by the end of 2019.

The coffee upstart officially launched in early 2018 and offers app-only ordering. To lure users, Luckin offers heavy discounts that make its coffee much cheaper than its competitors'.

Luckin has opened 2,000 shops and sold 85 million cups of coffee to 12 million Luckin app users within the past year. At a press briefing in Beijing today, the company said it aims to open 2,500 new shops in 2019.

Starbucks currently has over 3,600 cafes in China.

Luckin suffered a loss of more than 857 million yuan ($124 million) last year, but the company told Caixin in December that this was expected and in line with its current strategy for expansion.

The company’s co-founder Yang Fei said today that Luckin will continue to subsidize its customers for the next three to five years. The company is currently focusing on scale and speed rather than profit, he said.

Related: Starbucks Vows to Step Up Expansion After Strong-Arm Allegations

Share this article
Open WeChat and scan the QR code