Meet the new billionaire behind the Chinese competitor to Starbucks:
A scrappy startup that aims to overtake Starbucks in the world’s second-largest economy has grown so much that an early investor is now a billionaire. Luckin Coffee, a fast-growing Chinese company with 2,370 stores in the country, has filed to go public on New York’s Nasdaq stock exchange. Charles Zhengyao Lu, who was one of its earliest backers and is now its chairman, has become billionaire thanks to his prescient investment in the Xiamen-based firm.
UCar differentiated itself from its competitors by buying its own fleet and offering professional drivers. Lu, who stepped down as Car Inc.’s chief executive in 2016, now runs UCar as CEO and chairman, and has diversified the business to include car dealerships and car financing services. The startup is now listed on China’s over-the-counter stock exchange and has a valuation of over $6.5 billion. His stake in Car Inc. is worth nearly $500 million, making his total net worth an estimated $1.
Unlike Starbucks’ expansive cafes, which encourage lounging, over 90% of Luckin Coffee’s shops are pick-up stores located in high traffic areas like office buildings and college campuses. The cashless stores typically have limited seating and simple interiors, allowing Luckin Coffee to use the cost savings to undercut Starbucks on pricing.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Starbucks' Chinese rival Luckin Coffee plans IPO in the USLuckin Coffee operates 2,370 stores in China and will open 2,500 new stores this year and aims to displace Starbucks as China's largest coffee chain.
Lire la suite »
Kraft Heinz's new CEO inherits challenges left behind by cost-cuttingKraft Heinz's announcement that Miguel Patricio is replacing Bernardo Hees as CEO raises questions over what went wrong and what to do to fix things.
Lire la suite »
Starbucks' China challenger Luckin Coffee files for U.S. listingLuckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Monday filed for...
Lire la suite »
Leica says it wasn't behind an ad that got its name banned on Chinese social mediaLeica says it wasn’t behind an ad depicting Tiananmen Square protests
Lire la suite »
Chinese money is behind some of the Arab world’s biggest projectsFor decades China saw the Middle East as a petrol station. Now Chinese money is everywhere in the region
Lire la suite »
Starbucks' big rival in China plans to list in New YorkBeijing-based Luckin Coffee said in a filing Monday night that it wants to sell shares on the Nasdaq as part of its ambitious expansion plans.
Lire la suite »
Zoom's IPO Values It At $9 Billion — And Mints New Cloud Billionaire Eric YuanZoom CEO Eric Yuan is cloud's newest billionaire worth $1.9 billion after his video communications company raised $357 million in an IPO valuing it at more than $9 billion.
Lire la suite »
The Billionaire's Golden Goose, Pinterest's Forgotten Founder, The New Airbnb: Your Daily Dozen Briefing
Lire la suite »
Zooms IPO Values It At $9 Billion—And Mints New Cloud Billionaire Eric YuanZoom CEO Eric Yuan is cloud's newest billionaire worth $1.9 billion after his video communications company raised $357 million in an IPO valuing it at more than $9 billion.
Lire la suite »
Zoom, Zoom, Zoom! The Exclusive Inside Story Of The New Billionaire Behind Tech’s Hottest IPOZoom's IPO wowed Wall Street. Behind the $16 billion market cap bonanza: new billionaire Eric Yuan, the immigrant founder whose video conference app just works better.
Lire la suite »
Zoom, Zoom, Zoom! The Exclusive Inside Story Of The New Billionaire Behind Tech’s Hottest IPOZoom's IPO wowed Wall Street. Behind the $16 billion market cap bonanza: new billionaire Eric Yuan, the immigrant founder whose video conference app just works better.
Lire la suite »