Luckin Coffee has applied for a $100 million public offering in the United States as a part of their continued effort to expand. The Beijing-based company which only started up in 2017 has since opened nearly 2400 locations with a customer base of over 17 million.
Luckin Coffee appeals to their markets with tech and delivery focused operations. The company poses a significant threat to the other coffee giant in China, Starbucks, whose same-store sales slowed last year to 2 percent during the opening of Luckin Coffee.
Coffee consumption is expected to continually rise in China with almost 15.5 billion cups being expected to be drunk in 2023. Luckin Coffee said, “By disrupting the status quo of the traditional coffee shop model, we have gained significant cost advantages and provided attractive value propositions to our customers.”