China’s Luckin Coffee Is More 7-11 Than Starbucks — And That Could Be a Big Problem
Luckin Coffee has Starbucks worried. The Xiamen-based upstart has opened 2,370 coffee shops across 28 Chinese cities since June 2017. And on Monday, it announced plans for a Nasdaq initial public offering (IPO) of around $17 a share—which, if successful, could value the company at $4 billion. It’s a clear challenge to the Seattle-headquartered global…