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Chinese Coffee Brand Luckin Wants To Challenge Starbucks With Ipo

by fortune.com posted 2months ago 20 views
China’s upstart coffee brand, Luckin, has an audacious plan: convince China to switch from tea to coffee, overtaking Starbucks while they’re at it. It’s an expensive proposition, so they’re relying on an IPO — and a Silicon Valley mindset. “Technology is the core of our business,” Luckin Coffee, the young unicorn that emerged last year as a challenger to Starbucks in China, says in the prospectus it filed with the SEC this week, reportedly seeking to raise $800 million for a $5 billion valuation.

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