Luckin Coffee has celebrated the opening of its 20,000th store in Beijing, marking a major milestone in its expansion. This follows last year’s launch of its 10,000th store and the recent debut of a 570,000-square-foot roasting facility in Jiangsu.
Chairman and CEO Guo Jiny praised the company’s growth, attributing it to the support of 230 million customers and 110,000 employees. “We aim to become a timeless, world-class coffee brand,” Jiny said.
Luckin’s network, primarily consisting of delivery and pick-up locations, has fueled its growth, with 1,442 new stores opening since March 2024. The company also operates 32 stores in Singapore and plans to expand into Malaysia. A new MoU with Brazil will allow Luckin to buy up to 120,000 tons of coffee beans over two years for about $500 million.
Despite a 41% increase in year-on-year sales for Q1 2024, Luckin Coffee’s revenues fell below previous quarters, resulting in a 65.1 million RMB operating loss.