Fashion
Chinese chain Luckin Coffee will launch its first location in Malaysia, its second overseas market after Singapore.
According to local sources, the launch is in collaboration with a Bursa Malaysia-listed company. Luckin Coffee intends to grow its market footprint over the next five years, with stores opening nationwide.
Luckin Coffee, founded in 2017, is one of the fastest-growing coffee chains, surpassing Starbucks as China’s largest.
The brand operates more than 18,000 stores in China and 32 locations in Singapore.
Last year, Luckin Coffee sold more than 5.42 million cups of the alcohol-infused latte it launched with Kweichow Moutai on its first day of business, setting a new sales record for the Chinese coffee company.
In May, the coffee company stated that its first-quarter revenues increased 41.5 percent yearly to US$869.5 million, owing to increased product sales and additional shop openings. The coffee business opened 2342 net new outlets over the year, including two in Singapore, bringing the total number of stores to 18,590 by the end of March.
