Luckin Coffee opened its first US locations in New York City, marking a competitive challenge to Starbucks. Founded in 2017, it grew rapidly, surpassing Starbucks in China with over 22,000 stores by 2019. In 2023, Luckin's revenue in China exceeded Starbucks for the first time, recovering from a previous accounting scandal. Meanwhile, Starbucks has faced declining sales, as customers increasingly choose more affordable options like Luckin. The company also struggles with sales in the US, trying to revive its traditional coffeehouse ambiance to overcome recent downturns.
Luckin Coffee, China's biggest coffee chain, opened its first US stores in New York City, posing a significant competitive threat to Starbucks.
Since its launch in 2017, Luckin Coffee has expanded to over 22,000 locations in China, surpassing Starbucks, highlighting its rapid growth and popularity.
In 2023, Luckin's revenue in China exceeded Starbucks for the first time, despite Luckin's earlier accounting scandal that caused it to be delisted from Nasdaq.
Starbucks is experiencing declining sales in China as customers opt for cheaper alternatives like Luckin, while also dealing with challenges in the US market.
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