Challenge the strongest rival Starbucks! Luckin Coffee expands overseas market
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Luckin Coffee, who wants to beat Starbucks in China, is planning to enter other big markets.
Luckin Coffee announced on Monday that it would form an alliance with Kuwait-based company The Americana Group to set up coffee retail operations in the Middle East and India. Americana operates 1900 franchises in the Middle East for a number of fast-food brands, including KFC,Red Lobster,Olive Garden,Krispy Kreme and even Starbucks' British rival Costa Coffee. Luckin Coffee said the company and Americana signed a memorandum in Beijing on Monday that the two companies would jointly operate a new coffee business.
Qian Zhiya, chief executive of Luckin Coffee, said in a statement: "the cooperation with Americana represents Luckin Coffee's first step in bringing its leading products from China to the world. "
Lucky has tried to overtake Starbucks in the past two years by opening thousands of stores in China and using high-tech to accept orders, delivery and payment systems. At present, Lucky has about 3000 stores in 40 cities in China, and plans to increase to 4500 by the end of this year. At present, Starbucks has 3800 stores in China.
Ruixing made no secret of its global ambitions and held an initial public offering in New York in May. According to Refinitiv, Ruixing raised about $645 million in its initial public offering.
The Middle East is Starbucks' main market, with the coffee chain having 202 stores in Dubai, 191 in Saudi Arabia and 151 in Kuwait. Starbucks also has 146 stores in India and has an alliance with Tata, one of India's largest groups.
Starbucks is currently facing some challenges in its international business. Martin Brok, president of the company's Europe, Middle East and Africa operations, said at the end of last month: "the company's international business continues to feel pressure. "
He also said that the UK business had lost money. The UK is Starbucks' sixth largest international market.
Shares of Starbucks rose 0.69% to $90.92 on Monday, while Luckin Coffee rose 7.83% to $21.62.
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Luckin Coffee entered the Greater Middle East and India market, challenging Starbucks, the strongest rival.
Professional coffee knowledge exchange more coffee bean information please follow Coffee Workshop (Wechat official account cafe_style) Luckin Coffee (Luckin Coffee), who wants to beat Starbucks in China, is planning to enter other overseas markets
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