Luckin Coffee files for US IPO

  • News Digest

Apr 24, 2019-

BEIJING: China’s homegrown coffee chain Luckin Coffee has filed to list publicly in the US as the loss-making company battles to dethrone Starbucks in its home market. Luckin estimated its offering size at $100 million in its Monday filing with the US Securities and Exchange Commission but noted the figure was only set to calculate registration fees. Since it was founded in 2017, the chain has built 2,370 stores as of March 31, focusing on offering customers quick grab-and-go service at its small stores or fast delivery to their homes and offices. It uses a variety of coupons like free coffees and discounted cups to rope in customers and get them coming back to its stores. The aggressive strategy mirrors tactics used by other Chinese startups that have dislodged Western brands from one of the world’s top consumer markets. (AFP)

Published: 24-04-2019 10:02

User's Feedback

Click here for your comments

Comment via Facebook

Don't have facebook account? Use this form to comment