 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by Staff Writers Beijing (AFP) April 23, 2019
China's homegrown coffee chain Luckin Coffee has filed to list publicly in the US as the loss-making company battles to dethrone Starbucks in its home market. Luckin estimated its offering size at $100 million in its Monday filing with the US Securities and Exchange Commission but noted the figure was only set to calculate registration fees. Since it was founded in 2017, the chain has built 2,370 stores as of March 31, focusing on offering customers quick grab-and-go service at its small stores or fast delivery to their homes and offices. It uses a variety of coupons like free coffees and discounted cups to rope in customers and get them coming back to its stores. The aggressive strategy mirrors tactics used by other Chinese startups that have dislodged Western brands from one of the world's top consumer markets. The expansion and high marketing costs have seen its losses balloon in the 18 months it has been in business, racking up a loss of $241 million last year on $125 million in sales. The cost of advertising, free drink discounts and related marketing amounted to 23.8 yuan per new customer in the first quarter, down from 119.3 yuan in the same period last year. Luckin's caffeine-fuelled expansion has been funded by investors including Centurium Capital, a private equity fund founded by the former China head of Warburg Pincus, and Joy Capital. Its founder Charles Zhengyao Lu earlier founded publicly-traded CAR Inc, one of China's largest car rental companies. Luckin plans to open 2,500 stores this year and unseat Starbucks as China's largest coffee chain. China is Starbucks' fastest-growing and second biggest market after the United States.
WTO largely sides with US in dispute over China grain import tariffs Geneva (AFP) April 18, 2019 The World Trade Organization on Thursday largely sided with the United States in its Obama-era case against Beijing over Chinese restrictions on imports of American grain. The WTO decision was the second in as many months to favor Washington's position on trade with China in grain. Back in December 2016, Washington filed a complaint with the global trade body over what it claimed were illegal Chinese restrictions on imports of American rice, wheat and corn, describing China's use of the so-calle ... read more
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
