Dai Wei, the founder of the now-defunct bike-sharing operator ofo, made a surprising move by venturing into the United States and establishing About Time Coffee.
Dai Wei, known for founding the troubled bike-sharing firm Ofo, has launched a new coffee chain in the United States named 'About Time' Coffee
Recently, Luckin Coffee released its Q1 2023 financial report. The report shows that Luckin Coffee achieved a total net revenue of RMB 4.437 billion (USD 640 million) in the first quarter of this year, an increase of 84.5% year-on-year.
On March 31st, Luckin Coffee opened two new stores in Singapore and entered the trial operation phase.
On March 21, Starbucks launched a brand-new retail channel in China called "Starbucks Curbside" through its collaboration with Alibaba-backed web navigation company AutoNavi, providing orders to customers on the go.
Luckin Coffee's annual revenue exceeded 10 billion yuan ($1.45 billion) for the first time last year. This year, the Chinese coffee chain targets to establish 10,000 stores despite competition from Cotti Coffee, a new brand launched by Luckin former chairman Charles Lu.
On February 9, TH International, the exclusive operator of Tim Hortons coffee shops in China (Tims China) announced that its board of directors had approved an agreement to develop Popeyes, the fried chicken chain, in mainland China and Macau.
On February 2, American multinational coffeehouse and roastery chain, Starbucks, reported its financial results for its 13-week fiscal first quarter ended January 1. Its global comparable store sales increased by 5%, but comparable store sales in China decreased by 29%.
Chinese beverage chain Luckin Coffee announced its launch of a new round of partner recruitment to expand franchised stores on December 5. The initiative covers nine provinces and 41 urban areas, mainly in third- and fourth-tier cities.
Jasper Luo, former president of Umeng+, an Alibaba-backed startup providing mobile app analytics solutions for mobile development teams and individual developers, reportedly joined Starbucks China earlier this year as CTO.
Cotti Coffee, a new venture of Charles Lu, the former chairman of Luckin Coffee, opened its first offline store in Fuzhou in late October, and the brand has been making further progress since then.
Faced with pressure from competitors such as Luckin Coffee and Tims China, Starbucks, which has always been known for its reserved attitude towards China, has been changing its strategy for tackling the country's domestic market.
It has been more than a month since the Chinese business of Canadian coffee chain Tim Hortons went public on the Nasdaq, but so far, the coffee company that is trying to become the second Starbucks has not performed well in the US stock market.
Charles Lu, the former chairman of Luckin Coffee, and Jenny Qian, the firm's former CEO, announced on October 22 that the first location of Cotti Coffee has opened in the eastern Chinese city of Fuzhou, adding that the "team of coffee dreamers is starting the journey again."
On October 11, Starbucks China announced to employees that Belinda Wong, the chairwoman of the firm, was re-appointed as CEO, and Leo Tsoi, the current CEO, will serve as a consultant to the Chinese management team over the next three months.
The Chinese business division of Canadian coffee chain Tim Hortons will officially commence trading on the Nasdaq on September 29. Proceeds from the listing will be used to expand its coffee business in China.
On September 14, Starbucks's China division officially released its 2025 China Strategic Vision, launching a new value-oriented growth plan featuring heavy investment in the country.
Charles Lu, co-founder of Chinese beverage chain Luckin Coffee, is planning another entrepreneurial project involving the launch of a new coffee brand named "Cotti Coffee."
On August 22, Chinese coffee chain Luckin Coffee issued a statement on infringement phenomena about its partnership model, saying that it has suspended the recruitment of partnership store operators with uncertain reopening timetables.
Canadian coffee chain Tim Hortons has recently made further progress in plans to list its Chinese business division in the US. Silver Crest, a special purpose acquisition company, will hold a general meeting regarding the merging matter on August 18.