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<Editor's Pick>Coffee startup Luckin just use two years to become the biggest challenger of Starbucks in China
Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, filed on Monday for a U.S. initial public offering (IPO) through which, sources said, it is looking to raise up to $800 million. The Beijing-based coffee chain set a placeholder amount of $100 million to indicate the size of the IPO and did not disclose the number of shares it would offer, a filing with the U.S. Securities and Exchange Commission showed.
According to the prospectus, from the opening of the first trial operation store in October 2017 to the laying of 2,370 directly operated stores in 28 cities across China, Luckin Coffee only took one and a half years; as of March 31, 2019, Luckin Coffee has accumulated a total of 16.87 million trading customers. In 2019, Luckin Coffee plans to open another 2,500 stores. By the end of 2019, the number of total stores will be increased to 4,500.
Since its inception in November 2017, Luckin has grown rapidly to become one of the most dazzling startup star companies in 2018, but “suspicious,” “questioning,” “incomprehensible,” and “acclaimed” are always accompanying with it.
"Is it another ofo?" is the biggest doubt about Luckin in the industry. Constantly losing money and spending money on users, and then seeking for long-term returns, is the path that ofo has gone through. The premise that this model can operate must have continuous capital. Once the supply is cut off, it will be done.