Luckin Coffee’s expansion into rival’s home market comes five years after company was delisted from Nasdaq and fined
China’s largest coffee chain, Luckin Coffee, is planning to enter the US market and undercut rivals including Starbucks with its low-priced drinks, marking a comeback for the company after a fraud scandal that resulted in its Nasdaq delisting and a $180mn fine. The Xiamen-based company is laying the groundwork for a US launch as early as next year, building out its supply chain and customising its technology for the market, according to two people with knowledge of the matter.
“Many people thought they were dead, but underlying the fraud was a company with great technology and decent coffee at a competitive price. “Over the past three years, Luckin has grabbed massive market share from Starbucks in China,” he added. “Now, it is coming after Starbucks on its home turf.” Since the scandal, Luckin has overhauled its top management, kicking out the founder Lu Zhengyao, who Luckin alleges was responsible for the fraud. Lu did not respond to a request for comment.
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