Luckin Coffee

"Luckin" redirects here. For people with the surname, see Luckin (surname).

Luckin Coffee Inc.
Native name
瑞幸咖啡
Company typePublic
OTC Pink Limited: LKNCY (formerly Nasdaq: LK, but delisted 29 Jun 2020)
IndustryCoffee shop
FoundedOctober 2017; 7 years ago (2017-10), in Beijing, China
Founders
Headquarters
Xiamen, Fujian
,
China
Number of locations
  • 20,000 total
  • 6,310 Luckin Coffee
  • 3,041 partnerships
[1] [2] (2023)
Area served
China
Singapore[3]
Key people
  • Reinout Schakel (CFO)
Jinyi Guo (chairman and CEO)[4][5]
Products
  • Coffee beverages
  • tea
RevenueFY 2020 $618M USD [6]

H1 2021 $492M USD [7] Q3 2021 $367M USD [8]

Q1 2023 $646M USD [9]
OwnerCenturium Capital
Websiteluckincoffee.co
Footnotes / references
[10][11][12]

Luckin Coffee Inc. (Chinese: 瑞幸咖啡; pinyin: Ruìxìng Kāfēi; Pe̍h-ōe-jī: Suī-hēng Ko-pi) is a Chinese coffee company and coffeehouse chain. It was founded in Beijing in 2017. As of March 2023, it managed 9,351 stores which include 6,310 self-operated stores and 3,041 partnership stores. Monthly active customer numbers reached 500 million in June 2022. On 18 July 2024, the total Luckin coffee store number reached 20,000.[13] The company operates shops, stores, and kiosks that offer coffee, tea, and food.[14] Customers need to download an app to order and pay for drinks online.[15][16] Luckin is currently headquartered in Xiamen. Luckin Coffee quickly expanded over the years and outnumbered the number of Starbucks stores in China by 2019.[17]

In April 2020, the company revealed that it had inflated its 2019 sales revenue by up to US$310 million. It resulted in the stock price crashing and several executives being fired.[18] Trading was suspended and the company was delisted from NASDAQ on 29 June 2020.[19] The company filed for Chapter 15 bankruptcy in the US in February 2021.[20] In December 2021, Luckin Coffee received court approval from a federal judge in Manhattan to restructure $460M worth of debt and to settle a number of class-action lawsuits over the fabricated sales figures.[21][22] In 2022, The Wall Street Journal had reported that the company has emerged from bankruptcy after completing the restructuring of its financial debt under United States code, and also replaced most of its top management who were held accountable for the earlier fraud.[23]

  1. ^ "Luckin Coffee Inc. Announces First Quarter 2023 Financial Results". Yahoo News. May 2023. Retrieved 9 May 2023.
  2. ^ "Luckin Coffee Opens Its Landmark 20,000th Store in Beijing". luckincoffee.com. July 2024.
  3. ^ "China's Luckin Coffee makes Singapore debut at Marina Square, Ngee Ann City". The Straits Times. 31 March 2023. Retrieved 31 March 2023.
  4. ^ Pham, Sherisse (14 July 2020). "Luckin Coffee ousts chairman, names new CEO". CNN Business.
  5. ^ "Jinyi Guo, chairman and chief executive officer, Luckin Coffee". www.topionetworks.com.
  6. ^ Luckin Coffee FY 2020 Financials (21 September 2021). "Luckin Coffee FY 2020 Financials". Luckin Coffee investor relations.{{cite news}}: CS1 maint: numeric names: authors list (link)
  7. ^ Luckin Coffee H1 2021 Financials (21 October 2021). "Luckin Coffee H1 2021 Financials". Luckin Coffee investor relations.{{cite news}}: CS1 maint: numeric names: authors list (link)
  8. ^ Luckin Coffee Q3 2021 Financials (9 December 2021). "Luckin Coffee Q3 2021 Financials". Luckin Coffee investor relations.{{cite news}}: CS1 maint: numeric names: authors list (link)
  9. ^ "Luckin Coffee Inc. Announces First Quarter 2023 Financial Results". Yahoo News. May 2023. Retrieved 9 May 2023.
  10. ^ Luckin Coffee (22 April 2019). "Form F-1 - Luckin Coffee Inc". Retrieved 2 May 2020. (filing with the Securities Exchange Commission)
  11. ^ "Luckin Coffee Inc. Announces Unaudited ThirdQuarter 2019 Financial Results". Luckin Coffee. 13 November 2019. Retrieved 2 May 2020.
  12. ^ "Luckin Coffee, China's Newest Unicorn, is Challenging Starbucks' Market Stranglehold". Radiichina.com. 26 July 2018. Retrieved 30 December 2018.
  13. ^ "Luckin ran into the era of 20,000 stores, and "professional" seized the commanding heights of the industry". www.laitimes.com.
  14. ^ Cite error: The named reference :2 was invoked but never defined (see the help page).
  15. ^ Cite error: The named reference qz was invoked but never defined (see the help page).
  16. ^ "瑞幸打败不了星巴克，但未必是下一个ofo". 华尔街见闻. 15 January 2019. Archived from the original on 16 April 2019.
  17. ^ Peng, Zhe; Yang, Yahui; Wu, Renshui (1 June 2022). "The Luckin Coffee scandal and short selling attacks". Journal of Behavioral and Experimental Finance. 34: 100629. doi:10.1016/j.jbef.2022.100629. ISSN 2214-6350. S2CID 246415394.
  18. ^ Yang, Jing (28 May 2020). "Behind the Fall of China's Luckin Coffee: a Network of Fake Buyers and a Fictitious Employee". Wall Street Journal – via www.wsj.com.
  19. ^ "China's scandal-hit Luckin Coffee ousts chairman". Asia Times. 14 July 2020. Retrieved 14 July 2020.
  20. ^ Ghosh, Palash. "Luckin Coffee Files For Bankruptcy Seven Months After Nasdaq Delisting". Forbes. Retrieved 8 February 2021.
  21. ^ Church, Steven (16 December 2021). "Luckin Coffee Wins U.S. Approval for $460m Debt Restructuring". Bloomberg Law. Bloomberg L.P. Retrieved 18 December 2021.
  22. ^ "Luckin Coffee in $175 mln class action settlement over accounting fraud". Reuters.
  23. ^ Yang, Jing (7 November 2022). "Hedge-Fund Manager Who Helped Expose Luckin Coffee's Fraud Bets on Chinese Chain's Comeback". Wall Street Journal. Retrieved 9 May 2023.