NOTE: Like many overseas Chinese retail and beverage brands, Luckin (OTCMKTS: LKNCY) has chosen Singapore for international expansion.
- China’s Luckin Coffee has started to expand globally – with launches in Singapore expected over the coming weeks. According to local Chinese media, Luckin plans to open a total of 10 stores by the end of April.Luckin shares were delisted almost three years ago for financial fraud. Now the company has reemerged, restructured its debt, and settled with the SEC. According to their latest financial results released on March 2, total net revenue totaled US$1.93 billion in FY2022, making the first annual profit. It opened 2190 stores in 2022 and now has a total of 8214 stores – more than Starbucks, which counts about 6000 stores in China.
- Singapore has a rich coffee culture and its cafe market is crowded. It boasts several major players including Starbucks, Coffee Bean, Joe & Dough, Huggs (which interestingly uses Ant Group’s ordering and payment system), Dimbulah, Jamaica Blue, Zus Coffee from Malaysia, PPP Coffee, Tanamera from Indonesia, Dal.komm from Korea, (soon to enter) Tim Hortons and many others. Not to mention the abundance of chains offering local style coffee in Singapore such as Fun Toast, Toast box, Yakun, Wang, and Malaysian Oldtown White Coffee (which offers similar flavors). Also, there are numerous food courts with coffee stalls priced below US$1.5. Luckin, however, has its own advantages specifically for the Singapore market. Which are they and will Luckin be able to leverage them well?
Source: Luckin Coffee is launching in Singapore, will it do well? (Momentum Asia)
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