(Yicai Global) May 29 -- Luckin Coffee intends to bring the total number of its stores in China to 10,000 by the end of 2021. That is double Starbucks' goal.
Luckin Coffee will more than double a target it set earlier this year for 4,500 stores, online news outlet Huanqiu reported, citing Chief Executive Qian Zhiya. Starbucks announced in 2017 that it aims for 5,000 stores in the country by 2021.
Starbucks' fast-growing rival went public on May 17. It shares [NASDAQ:LK] ended yesterday at USD16.11 each, representing a 5 percent decline from its initial public offering price of USD17. The company's accumulated net loss since 2017 has risen to CNY3.8 billion (USD549.6 million), its IPO prospectus shows.
But the Beijing-based company has slashed the cost of producing each cup of coffee it brews to CNY13.3 (USD1.92) from CNY28.8 last year, Qian added, seeking to reassure investors that the days of widening losses are drawing to an end.
Editor: Emmi Laine