Possibly the greatest threat to Starbucks Since other companies found that they could also market pumpkin-spice aroma delicacies, luckin coffee, China’s largest coffee chain, open The first US stores yesterday with two outposts in New York City.
If you have never heard of Luckin, it is probably because you have never tried to get a cup of Joe in China where she has become massive by offering super cheap drinks and quirky flavors.
- The chain, which opened in 2017, exceeded the number of business that Starbucks had in China in 2019. She now has over 22,000 locations in her home country Pro CNN.
- In 2023, Luckin’s income in China exceeded what Starbucks did for the first time and jumped back from a accounting scandal that was booted out of the Luckin Nasdaq in 2020.
In the meantime…Things have not looked so good for Starbucks in China lately, and not only because his baristas cannot spell names in Chinese characters. The chain positioned itself as a high-end option, and sales decreased when customers turned to cheaper alternatives such as Luckin. Starbucks last week contested Reports that it is planned to sell its Chinese business.
Overall picture: Starbucks has a 50-year start of the head on the US market, but here it also has problems. The chain tries to slow down five quarters of sales by bringing traditional coffee house back Vibes and smiley faces on cups.– ar
This report was originally published from Brauen.
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