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Luckin Coffee, the coffee chain from China that was thought to have been on the verge of imploding after financial irregularities were uncovered, is coming to Singapore.
The first two stores here will open at Ngee Ann City and Marina Square by end March 2023.
Image via Lucy_in/Xiaohongshu
The chain establishment is looking to open 10 stores here by end of April 2023, according to Lianhe Zaobao, which reported on its aggressive expansion plans.
The third store is in Tanjong Pagar’s Guoco Tower.
Image via Qiangnichihewanle/Xiaohongshu
It will tentatively open in April.
In response to queries from Jiemian News, Luckin Coffee said it is currently testing the waters in the Singapore market.
However, the focus of its core business remains on the Chinese market.
Background
Luckin Coffee’s expansion into Southeast Asia marks the brand's second attempt at international expansion after India and the Middle East/ North Africa.
It also comes some two years after the Chinese coffee chain almost collapsed in 2020.
It was delisted from Nasdaq in June 2020 after some US$337.31 million in sales in 2019 were uncovered to have been fabricated.
Miraculously, the company has rebounded from its accounting scandal.
A raft of senior management changes and restructuring of its financial affairs in the U.S. saw the firm turning in eye-popping revenues.
According to its 2022 financial report, Luckin Coffee reported a 66.9 per cent year-on-year growth in total net revenues in the financial year, generating about RMB13.29 billion (S$2.59 billion).
In early 2023, the company started the hiring process in Singapore via several recruitment platforms, including JobSteet and MyCareersFuture.
Image via Jiemian News
The brand is also reportedly expanding into the Thailand market.
There are about 8,200 outlets in China after it was founded only in 2017.
One of its more popular drinks is from the Coconut Milk Series, which features cold-pressed raw coconut milk in coffee and matcha lattes.
Luckin Coffee has 19-year-old Olympics champion Eileen Gu as its brand ambassador.
Top photo via Reddit/ u/geordano & Luckin Coffee