Luckin Coffee surpasses Starbucks as China's largest coffee retailer, despite a 2020 accounting scandal.

Luckin Coffee, a Chinese coffee chain, has made a remarkable recovery after a 2020 accounting scandal, surpassing Starbucks as China's largest coffee retailer with over 18,500 stores. The comeback was driven by automation, digitization, and cashless, takeout kiosk counters, along with expansion in smaller cities and tailoring drinks to local tastes. Despite its recent growth, shares are still 63% lower than 2020 highs on Nasdaq.

June 06, 2024
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