Chinese coffee chain Luckin Coffee has surpassed Starbucks’ sales in China for the first time,Life Insurance (2022) Hindi Web Series driven by its rapid expansion across the country and efforts to reach a broader consumer base. Luckin reported an impressive 88% year-on-year increase in revenue in the second quarter of 2023, amounting to RMB 6.2 billion ($862 million) and outpacing Starbucks’ sales by more than RMB 200 million. This milestone achievement follows Luckin’s expansion to 10,000 offline stores in June, nearly twice as many as Starbucks. However, the once scandal-hit Chinese coffee chain is currently facing a fierce price war initiated by Cotti Coffee, a brand established by Luckin’s founder, which has already opened more than 3,000 stores in less than a year. [TechNode reporting]
