06 Apr 2020 02:08AMBEIJING: Luckin Coffee, China's biggest rival to Starbucks, apologised on Sunday after it revealed a top executive may have faked 2.2 billion yuan worth of sales in 2019.
Luckin Coffee added that its stores would remain open as usual, and acknowledged that it relied on the support of its customers. Launched in 2017, the Chinese coffee chain made a remarkable debut on Wall Street in May 2019, raising US$561 million during its IPO. Shares soared by more than 50 per cent during initial trading.
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