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Luckin Coffee Inc., a Chinese coffee company and coffeehouse chain, reported its annual sales and revealed that the numbers have surpassed Starbucks’ sales in China. It beat its rival in the Chinese market last year, a big achievement after being delisted from the Nasdaq four years ago.
According to CNN Business, Luckin Coffee did not present a breakdown of its revenue according to geography, but most of its sales were from China. The company has stores in Singapore, and 30 branches operate there.
Coffee Chains’s Boosted Revenue
The profits of Luckin Coffee reportedly increased by 87% to CNY24.9 billion or about $3.5 billion in the year ended Dec. 31. The surge was credited to the company’s faster action in expanding its stores and launching new products.
In comparison, the revenue of Starbucks China was only $3 billion in the year ended Sept. 30, 2023. Luckin Coffee’s financial results were released on Friday, Feb. 23.
It was also indicated that the coffee chain could surpass Starbucks regarding the number of outlets in mainland China. Due to its rapid expansion, Luckin Coffee has 16,218 branches in the country, almost double its count in 2022, which was only around 8,200. On the other hand, Starbucks has 6,975 stores as of the end of January 2024.
“We remain focused on our pricing and expansion strategy to sustain our growth and market share,” Luckin Coffee’s chairman and chief executive officer, Jinyi Guo, commented about their growth.
Taking Over China
Meanwhile, China Daily reported that Luckin Coffee has become the largest coffee chain in the country today, and it’s all thanks to the changing habits of coffee consumers. Moreover, the company transformed its stores into something people feel comfortable visiting as they adapt to the new changes more than Starbucks.
