Here are the ways we're different from Starbucks, says CFO of China's Luckin Coffee on IPO day
"The founders of our business are used to using technology and disrupting industries," CFO Reinout Schakel said in ainterview, just hours ahead of the company's debut as a publicly traded stock on the Nasdaq.
Customers who want to buy Luckin brew, or any other drinks, have to make the purchases through the app, which Schakel said is more efficient and requires less waste. That allows the company to access customer data and analyze trends. Luckin is looking to become the No. 1 coffee purveyor in China by the end of the year, hoping to overtake. It's the fastest-growing and second-largest coffee chain in China, in terms of stores and cups sold, according to a Frost & Sullivan research report. Most of the menu is 25% cheaper than Starbucks equivalents, CNBC reported.
The two-year-old company currently operates 2,370 stores across China and it's planning on opening 2,500 additional locations by the end of the year. "We're using very small stores," Schakel said, while being "very close to our customers."in its most recent funding round, is set to start trading Friday, after pricing its initial public offering at $17 per share late Thursday.
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