China's Luckin Coffee Is Back From the Brink and Beating Starbucks [BNN Bloomberg (Canada)]
NaaS Technology Inc. - American Depositary Shares (NAAS)
Company Research
Source: BNN Bloomberg
Today, Luckin has not only survived but staged an extraordinary comeback as its cut-price lattes attract a growing number of customers, beating Starbucks to become the country's biggest coffee retailer last year. Once derided as a cheap imitation of the Seattle-based giant, it's now being emulated by other Chinese chains and even Starbucks appears to have taken a page or two from its playbook. Luckin's recovery shows there's still growth to be found in an economy grappling with deflation and a property crisis. It also presents a lesson on how global giants, if not careful, can quickly find themselves on the back foot in the world's second-largest consumer market -- one that's become more complex and localized than in the previous era of fast and easy growth. For Zang Zhongtang, the former senior vice president at Luckin, it validates a growth story thrown into doubt by the company's scandal. “Most people thought it was going to die,” says Zang, who quit in 2020 although he wasn't
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