The Chinese coffee chain, Luckin Coffee (or called the Little Blue Cup) is about to overtake Starbucks in China didn’t exist two years ago.
Luckin Coffee opened a new store every four hours in China in 2018, going from just 9 stores to 2073 in one year. To beat Starbucks, it plans to have 4,500 stores in China by the end of this year.
Last year, Starbucks opened a store every 16 hours, and plans to ramp that up to one store every 15 hours—about four times slower than Luckin.
Luckin focuses on scale and speed, not profit. It lost $116.34 million USD in 2018 due to breakneck expansion. But it has been valued at $2.2 billion USD.
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