Bejing-based coffee chain Luckin Coffee and Internet giant Tencent openly challenge the Starbucks-Alibaba alliance by announcing their strategic agreement on September 6.
Luckin Coffee announced on July 11 the completion of their Series A funding round, giving the company a valuation of $1 billion and bringing it into the unicorn club.
The new retail coffee chain Luckin Coffee was rumored to have closed its Series A round at $200 to 300 million with a valuation exceeding $1 billion. The investors of this round has not been disclosed.
Luckin Coffee, a rapid expanding Chinese coffee shop, released an open letter on Tuesday, accusing Starbucks of its monopoly causing unfair competition in the market and hindering their business development.
Almost overnight, a coffee brand called Luckin Coffee made waves across China’s first and second tier cities. Luckin Coffee entered the market vigorously and aggressively.