Luckin Coffee, a Chinese chain that has become the country’s first coffee shop valued at $1bn, says it is not worried about profits as it moves to challenge US rival Starbucks’ dominant position in the country’s fast-growing market.
Starbucks had an 80 per cent share of China’s $3.4bn coffee shop market last year, according to Euromonitor. The market research consultancy expects the sector to generate revenues of $4.1bn by 2020, making China a key growth market for coffee chains.
Luckin, which was founded last year, was valued at $1bn in July in an investment round involving Singapore sovereign wealth fund GIC. It has opened 1,000 stores since January and aims to have 2,000 outlets by the end of the year.
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