In 2024, Luckin Coffee expanded rapidly, opening over 6,000 new stores (net) as part of its strategy to strengthen its position in China’s fast-growing coffee market. The company now operates a total of 22,289 stores across China, including 14,540 self-operated locations and 7,749 partnerships. Additionally, Luckin has 51 stores in Singapore and recently opened two franchise stores in Malaysia.
In the fourth quarter of 2024 alone, Luckin introduced 18 new beverages and several light meals, bringing the total number of new products for the year to 119.
The company’s customer base also grew significantly. The number of average monthly transacting customers increased by 25%, reaching approximately 78 million, while its total customer base now stands at 300 million.
Sales and marketing expenses rose by 44% in 2024, totaling RMB573 million. This increase was driven by investments aimed at building the brand’s presence among consumers, according to CFO An Jing. With competition intensifying in China’s rapidly expanding coffee market, CEO Jinyi Guo emphasized that Luckin had accelerated its store expansion to gain market share and stay ahead of competitors with its scale.
Guo also acknowledged that new stores take time to become profitable and that consumers’ coffee habits require gradual development. However, he believes that continued innovation and strategic marketing will help attract more customers and boost the frequency of their purchases.
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