New York Postยท2025-06-30 18:25Core Viewpoint - Luckin Coffee, China's largest coffee chain, has opened its first locations in the United States, specifically in New York City, after successfully competing against Starbucks in Asia [1][5]. Group 1: Store Launch and Promotions - Luckin Coffee opened its first US locations on Monday, including two in New York City [1][5]. - The company is promoting its new storefronts with special deals, such as offering free tote bags to the first 100 customers and 99-cent drinks for a limited time [2][11]. Group 2: Product Offerings and Pricing Strategy - Luckin Coffee offers a diverse menu that includes coffee, matcha, lattes, and fruity drinks, along with pastries like banana yogurt loaf and sausage, egg, and cheese croissant [3]. - The chain's pricing strategy is competitive, with drinks in China priced approximately 30% lower than those at Starbucks [3]. Group 3: Company Background and Growth - Founded in Xiamen, China in 2017, Luckin Coffee rapidly expanded to surpass Starbucks in the number of storefronts by 2019, currently operating around 22,000 locations in China and additional stores in Singapore [4]. - Despite facing a significant scandal in 2020 involving accounting fraud, which led to a $180 million fine and a $175 million settlement, the company has continued to grow, doubling its number of stores and increasing revenue by 87% in 2023, outperforming Starbucks in China [7][9]. Group 4: Competitive Landscape - Recent reports indicated that Starbucks was exploring a partial sale of its Chinese business, although the company has since denied these claims [10].