A barista packs a coffee for online sales at a Luckin Coffee store in Beijing, China July 17, 2018. Picture taken July 17, 2018. REUTERS/Jason Lee
Founder Qian Zhiya is growing ultra-fast, expanding from nine outlets in 2017 to more than 2,000 at the end of March. It has been attracting customers, and burning through cash, with deep discounts and celebrity marketing. As a result, the company logged a net loss of $475 million attributable to shareholders at the end of last year.
By the end of 2019, Qian plans to have over 4,500 stores on the mainland, compared to about 3,600 for Starbucks, which is opening around 600 a year.
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