Coffee giant would benefit from a helping hand from a local partner
Starbucks’ determination to capture the attention of the Chinese consumer extended to offering a pork-flavoured latte in the country earlier this year. The limited edition drink is made of espresso, steamed milk and Dongpo braised pork flavour sauce topped with extra sauce and pork meat as garnish. Such product “innovation”, however, hasn’t cut it: operating in the country is no easy task, particularly given fierce local competition.
These Chinese rivals are a step ahead in terms of local trends, including automation — and offer much cheaper coffee too. The pace of growth of domestic coffee chains has been impressive in the past year. Luckin’s performance has been especially strong. It has proved sceptics, who once saw its ultra-cheap coffee prices and high costs as a flawed business model, wrong this year. Luckin Coffee’s operating margin hit 15.
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