Luckin Coffee appoints former Standard Chartered Bank executive director as CFO, saying he is good at financing and mergers and acquisitions.

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Shortly after the announcement of the 2019 development plan, Luckin Coffee made new adjustments to the company's personnel structure. Luckin Coffee announced the appointment of Reinout Schakel as the company's chief financial officer and chief strategy officer, reporting to CEO Qian Zhiya.

According to Luckin Coffee, Reinout Schakel has served as an executive director of Standard Chartered Bank in Hong Kong and has worked at Credit Suisse and PricewaterhouseCoopers for many years, with more than 10 years of experience in equity, debt financing and mergers and acquisitions. For the past six years, Reinout Schakel has been providing consulting services to leading consumer and retail companies in the Asia-Pacific region and has a deep understanding of the development of the Asian consumer market, especially the long-term growth trend of the new retail market in China.

Reinout Schakel said: "it is a great honor to join Luckin Coffee's management team to deeply experience the charm of the fast-growing Chinese coffee market and new retail. Our strategic goal this year is to become the largest chain coffee brand in China, and continue to strive to provide customers with high-quality, cost-effective and convenient products. "

On January 3, Luckin Coffee announced its new annual task of opening 2500 new stores this year, with a total of more than 4500, making it the largest chain coffee brand in China, overtaking Starbucks in terms of number of outlets and cups.

Luckin Coffee was put into trial operation in 2018 and completed the layout of 2073 outlets in 22 cities across the country by the end of last year. Supporting the rapid development of Luckin Coffee is the company's two rounds of financing, recently there are also voices, Luckin Coffee intends to land in the capital market.

The appointment of the chief financial officer, and the new financial officer Reinout Schakel has rich experience in equity and debt financing, so some analysts wonder whether this is preparing for Luckin Coffee's next listing. Luckin Coffee declined to comment.

According to insiders in the coffee industry, the "lucky speed" has indeed brought a greater impact on the industry, which has also accelerated the adjustment of traditional coffee enterprises, and has also brought an impact on the existing coffee market pattern. Judging from Luckin Coffee's appointment, it has been more complete from the level of organizational structure. Whether listed or not, Luckin Coffee will have actions in the capital market in the future, which is also related to Luckin Coffee's future development and strategic layout.

Luckin Coffee said frankly that the company was losing money in 2018. But Luckin Coffee believes that this is a strategic loss and in line with expectations.

Up to now, Luckin Coffee has completed round B financing. Round A raised $200m in July last year, with a post-investment valuation of $1 billion; in December, the company completed round B of $200m, with a post-investment valuation of $2.2 billion.

Earlier, it was reported that Luckin Coffee had put IPO on the agenda and was in preliminary discussions with overseas investment banks, which could eventually list in 2019, with the most likely destination being Hong Kong or New York.

The appointment of the new CFO, with a deep banking and investment background, also seems to have something to do with IPO. However, Luckin Coffee CEO Qian Zhiya did not comment directly on IPO issues at the strategic communication meeting, but said it was not convenient to disclose relevant information.

Source: Sina Science and Technology, Economic observation Network

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