fee (US:JVA) GlobeNewswire News Roomยท2024-11-22 18:00Core Viewpoint - Luckin Coffee has signed a Memorandum of Understanding with the Brazilian Trade and Investment Promotion Agency to significantly increase its procurement of Brazilian coffee beans, marking a historic expansion in its supply chain strategy [1][2]. Group 1: Procurement Expansion - Luckin Coffee will procure a total of 240,000 tons of Brazilian coffee beans from 2025 to 2029, valued at 10 billion RMB, which is the largest procurement plan in the company's history [1]. - The initial deal signed in June involved the purchase of 120,000 tons of Brazilian coffee beans over two years, which has now been doubled [1][2]. Group 2: Cultural and Economic Ties - Luckin Coffee aims to enhance the collaboration between China and Brazil, viewing coffee as a symbol of their enduring friendship and industrial opportunities [2]. - The company has been a major importer of Brazilian coffee beans in China, deepening economic and cultural ties with Brazilian partners [2]. Group 3: Initiatives in Brazil - Luckin Coffee has launched several initiatives in Brazil, including the Luckin Brazil Office, Luckin Brazil Grower Support Center, and a high-quality coffee plantation to improve quality control in its supply chain [4]. - The company has also organized the Luckin Coffee Brazil Coffee Culture Festival and opened a Brazil-themed coffee store and museum to celebrate Brazilian coffee culture [3][4]. Group 4: Commitment to Innovation - Luckin Coffee is focused on remaining at the forefront of innovation in the global coffee industry by leveraging premium resources and building a world-class coffee supply chain [5].