Since its launch in 2017, Luckin has not shied away from spending heavily to open stores as part of its stated goal of overtaking Starbucks Corp in China by the end of the year. The company opened about 700 stores in the third quarter, taking its total in China to 3,680, while Seattle-based Starbucks took two decades to reach 4,125. Starbucks is largely credited with making a nation of tea-lovers embrace coffee and Luckin is looking to ride on that through rapid expansion, heavy advertising and promotions. …read more
Source:: Yahoo Finance
