Money is no object: China’s Luckin sets sights on rivaling Starbucks

Luckin, a Chinese start-up aged one year, is fighting a war against Starbucks as the new year unfolds. At an event held Thursday, Luckin announced its ambition to be the largest coffee chain in China by the number of cups sold and outlets by 2019. Caffeinated beverages are taking off in the nation of tea consumers. The average consumption of coffee per Chinese consumer should grow 18% between 2014 and 2019well above 0.9% in the United States. Starbucks is currently the leading player in the coffee market in China with 3,300 stores last May and the goal of exceeding 6,000

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