![]() ![]() Starting as a small boutique café in Shanghai in 2015, the company experienced organic growth. Now other Chinese brands such as Manner Coffee are jumping on the coffee bandwagon. Indeed, Luckin is still the second most popular chain in Shanghai behind Starbucks. Despite this setback, Luckin played a key role in increasing the visibility of domestic Chinese coffee brands. Tainted by the scandal, the company faced numerous penalties from China’s Ministry of Finance and, perhaps more crucially, received a torrent of negative feedback from netizens unimpressed with the company’s behaviour. ![]() In autumn 2020, the company admitted to fabricating over $300 million in earnings and soon after, Luckin Coffee was quickly delisted from US markets. With the stated aim of overtaking Starbucks, the brand began trading on the Nasdaq. By 2019, Luckin had opened more than 4,500 stores across 53 cities in mainland China. Luckin Coffee was founded in 2017, and this venture capitalist pet project became the first successful Chinese coffee chain. ![]() The UK’s largest coffee chain, Costa Coffee, together with Starbucks accounts, for around 35% of the total coffee shops in Shanghai, while British retail brands like Whittards have also seen success with their coffee products. In March 2021, it was announced that Shanghai has the most coffee shops in the world. ![]()
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