Luckin Coffee, Chinese Rival to Starbucks, Jumps in Its U.S. Trading Debut
Luckin Coffee, an unprofitable start-up offering big giveaways and aggressive subsidies, burst less than two years ago into a Chinese coffee scene long dominated by Starbucks.By the end of 2018, Luckin held just over 2 percent of the market... the next-biggest competitor to Starbucks, the McDonald’s-owned McCafe, has just 5 percent of the marketGood luck-in to them.Money spent on growth led the company to record a net loss of $475 million in 2018. So far this year, the company has racked up losses of $85 million.