Vending
Luckin Coffee returns to growth
February 6, 2023
Luckin Coffee Inc., which filed for bankruptcy protection in February of 2021, has rebounded and is in a growth mode, according to recent financial reports. The Chinese company is a coffee vending pioneer in addition to a nationwide retail coffee house chain.
The company's latest quarterly results indicated profitable growth in 2022, according to a bezinga.com report, with revenue rising more than 65% to 3.9 billion yuan ($574.5 million) in Q3 2022 over the prior year period, and its store count jumped 38% to close to 7,800 at the end of September from the prior year.
This year, the company has already opened 478 stores China, according to a Dao Insights report, citing the company's WeChat public account. The company is also expanding from large cities to remote cities.
On Jan. 30, 2023, Luckin Coffee announced retail partner recruitment plans covering 80 cities in 15 provinces.
