Luckin Coffee, the popular Chinese coffee chain, has officially entered the U.S. market by opening its first two stores in New York City. The Xiamen-based company launched its operations on Monday at locations in Greenwich Village and Chelsea, specifically at 755 Broadway and 800 6th Ave, respectively.
The company announced its arrival in the U.S. through social media, stating, “Drip level: International. The rumors are true, NYC. You’re luckin now.” Following this, Luckin has been teasing soft openings along with promotional deals aimed at attracting customers.
Since its debut in 2017, Luckin has experienced rapid growth in Asia. The chain now boasts over 24,000 stores across various countries, including China, Singapore, Malaysia, and Hong Kong. Despite facing challenges, such as an accounting fraud scandal and significant financial losses last year, Luckin’s profit margins have been improving, with a reported revenue of $1.2 million this past quarter—marking a 41% increase from the previous year.
Luckin’s business model centers around an app-based concept designed by founder Jenny Zhiya Qian. This model mirrors that of ride-hailing services, allowing customers to order and pay through the app rather than at a counter. As advertised on its website, Luckin’s stores provide a
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