China's Luckin Coffee to set up shop in Malaysia with local partner: Report
Published on: Friday, June 21, 2024
Luckin Coffee plans to partner with a Bursa Malaysia-listed firm for an ambitious store expansion over the next five years, said a report. (Photo: Facebook/luckin coffee Singapore)
Kota Kinabalu: US-listed Chinese coffeehouse chain Luckin Coffee is set to make its debut in Malaysia, it has been reported.
The move comes as Malaysians enjoy an abundance of coffee options with brands vying to fill the gap left by Starbucks due to consumer boycotts related to Middle East tensions, The Edge reported.
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Luckin Coffee plans to partner with a Bursa Malaysia-listed firm for an ambitious store expansion over the next five years, said the report citing unnamed sources.
Founded in 2017 and headquartered in Xiamen, Luckin Coffee currently operates 18,590 stores worldwide, excluding vending machines. In China alone, it boasts 18,558 stores, including both self-operated and partnership stores.
Outside China, Luckin Coffee has already established 32 stores in Singapore, its sole international market. The company gained attention with the successful launch of the Jiangxiang flavoured latte, which sold millions of cups and set sales records.
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