China’s wannabe Starbucks brews a muddy IPO, says petesweeneypro
Beijing-based Luckin Coffee filed for an initial public offering in New York on April 22.
The company currently operates 2,370 stores in 28 Chinese cities, according to the draft prospectus. Executives have said they aspire to overtake U.S. coffee chain Starbucks in terms of store footprint, with 4,500 locations by the end of 2019. Luckin has been losing money since it launched in 2017, logging a net loss of $475 million in the year ending Dec. 31, 2018.
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