Recently, Li Guoqing, founder of Chinese e-commerce platform Dangdang, released a video questioning Luckin Coffee's purchase of nearly half of the available Hambella coffee beans.
The three-year exclusive cooperation between Starbucks and Ele.me will expire on December 31 this year. As a result, Starbucks is seeking new partners in the Chinese mainland market.
Chinese coffee company and coffeehouse chain Luckin Coffee Inc. has reached a $175 million settlement in its shareholder class-action lawsuit.
Luckin Coffee began to be profitable in May this year, meaning it has achieved its annual target ahead of schedule. The firm declined to comment.
Two prominent Chinese coffee chains Seesaw and M Stand both raised considerable rounds that will go towards expansion, while prominent local AI firm 4Paradigm bagged over $230 million for R&D and ecosystem improvement.
On Wednesday, Seesaw Coffee announced it completed its A + round of financing, bagging over 100 million yuan, with HeyTea as a new investor, followed by Hongyi Baifu, an old shareholder. This is the first time HeyTea has invested in a coffee brand.
Leading bottled beverage brand Genki Forest has become the biggest shareholder of Never Coffee, now representing 51% ownership in the specialty coffee and e-commerce platform.
On the evening of Jan. 6, it was reported that middle and senior executives of Luckin Coffee signed a joint letter, accusing the current chairman and CEO Guo Jinyi.
Starbucks is planning to open 600 new stores in China next year, thus operating 6,000 stores across 230 cities by the end of 2022.
Beijing Bytedance Technology Co., Ltd. has applied for a number of "ByteCoffee" trademarks, which are currently in the process of registration.
The State Administration for Market Regulation announced on Tuesday morning that it has fined two Luckin entities and 43 third-party companies a combined 61 million yuan (around $9 million).
Xingran (Shanghai) Investment Partnership (Limited Partnership) was formed by the strategic collaboration between Starbucks China and Sequoia Capital China on Sept. 8, 2020.
Chinese upscale coffee brand Saturnbird has completed an over 100 million yuan B Round financing this year, led by Sequoia Capital, and followed by its old shareholder Fengrui Capital.