图片来源：视觉中国 星巴克中国正在采取与其他国家市场不同的战术。 去年9月正式上任的星巴克董事长、首席执行官Brian Niccol，主张从根本上改变公司战略。他上任后的 计划是——精简菜单、减少折扣、慢而有序的创新、缩减下一财年的新店数量以释放资金支持转型。 而星巴克未把中国市场放在该调整计划之中。当时Niccol坦言，中国市场竞争非常激烈，星巴克需要想 清楚如何在当下和未来实现增长。 近期的消息表明，星巴克中国正在走一条与全球市场不同的路。 财报或许是指引这家全球最大咖啡连锁品牌做出选择的关键因素——根据星巴克中国4月30日发布的 2025财年第二财季业绩报告，当季公司营业收入为7.397亿美元，同比增长5%。中国同店交易量增长 4%，止住了2024年以来持续的下跌趋势。作为对比，北美市场第二财季同店交易量下降4%。 中国市场的表现对这家公司而言愈发重要。而这片市场由于其独特之处，注定无法与其他市场采取相似 的战术。 6月11日消息，据英国《金融时报》报道，星巴克首席执行官Brian Niccol表示，星巴克可能出售中国业 务的股权，并称此事引起了"极大兴趣"。该公司正在寻找有兴趣将该连锁门店从约8000 ...

Core Viewpoint - The coffee industry is experiencing a significant disruption due to an intense price war among delivery platforms, leading to a stark divide where large coffee chains thrive while small brands and cafes struggle to survive [1][5][10] Group 1: Impact on Large Coffee Chains - Major coffee chains are benefiting from the ongoing delivery subsidy war, with sales volumes skyrocketing. For instance, Kudi Coffee's sales reached 80 million cups on June 2 and surpassed 100 million cups by June 9 [3][4] - The average monthly sales for Luckin Coffee are projected to be 250 million cups, indicating a substantial increase in demand driven by aggressive pricing strategies [3] - The price of fast coffee has dropped significantly, with some products available for as low as 5.9 yuan due to various promotional discounts [2][3] Group 2: Challenges for Small Coffee Brands - Small coffee shops and independent brands are facing severe challenges, with reports of sales halving due to the competitive pricing of larger chains [5][8] - Many small brands are unable to compete with the scale and pricing of major chains, leading to a loss of market share and customer base [8][10] - The cost structure for small coffee shops is unsustainable under the current pricing pressures, with some reporting losses on each cup sold after accounting for delivery fees and marketing subsidies [6][7] Group 3: Market Dynamics and Future Outlook - The ongoing subsidy war is reshaping consumer behavior, with many consumers now prioritizing low-cost coffee options over quality [10][13] - The market is witnessing a consolidation phase, where smaller brands may be forced out due to their inability to compete, while larger chains continue to expand their market presence [9][10] - Experts suggest that small brands need to differentiate themselves through unique products and services to survive in this competitive landscape [13]

低廉的单价在前，即便单量再大，也并不足以给库迪"脱胎换骨"。 文 ｜ 边程 编辑 ｜ 董雨晴 来源｜ 凤凰网科技《风暴眼》 （ID：ifeng_tech） 封面来源 ｜ unsplash 在库迪咖啡工作的小余，最近很忙。 "库迪的员工们你们还好吗？" 进入5月以来，社交媒体上有关库迪爆单的控诉多了起来，"史无前例的爆单"，一位库迪员工如此形容。 但让库迪员工感到棘手的不是做不完的单子，而是"沟通"。"每天都要在骑手和顾客之间斡旋"。一位库迪员工表示，每天可能面临的窘迫包括骑手打架、顾 客催命，以及一大批沟通无果的退单。 "以前最害怕周末班进行周盘点，现在害怕每一个工作日早晨"。 门店营业的时间是9点40，她至少要提前半个小时进行开店准备。待到接单外卖的机器开始运作，小余便开始了一天的工作。 3月份开始，京东掀起了一场外卖大战，单杯冰美式价格降至1.68元，小余门店里的单量直接上升至日均500杯的水准。对于同时段只有两个人的店中店来 说，500杯的日单量确实"忙不过来"。 小余还记得最忙的那天，早上是两个人在岗，晚上闲时留了一个人，但仍旧没能顶住一天700杯的单量。"我从9点40开始吭哧吭哧，直到外卖小哥问了我 ...

Core Viewpoint - The article discusses the surge in sales for Kudi Coffee due to aggressive pricing strategies and external subsidies, while highlighting the operational challenges faced by employees and the potential risks associated with low profit margins and reliance on subsidies [2][12][22]. Group 1: Sales Surge and Operational Challenges - Kudi Coffee has seen a significant increase in daily orders, with some stores reporting up to 700 orders in a single day, leading to overwhelming workloads for staff [2][5][11]. - Despite the increase in sales volume, employees report that their working conditions and earnings have not improved significantly, with many only receiving minimal bonuses or hourly wages that do not correlate with the increased workload [7][12][17]. - The operational intensity has led to employee burnout, particularly during peak hours, with reports of staff working long hours without breaks [11][12]. Group 2: Profitability and Cost Structure - The cost of materials for a cup of Kudi Coffee is approximately 5-6 yuan, while the selling price on platforms like JD is around 6.9 yuan, indicating low profit margins [13][16]. - The average annual cost of operating a Kudi store ranges from 510,000 to 660,000 yuan, with a typical payback period of 1 to 1.5 years under current subsidy conditions [14][16]. - The reliance on external subsidies from platforms like JD, estimated at around 200 million yuan per month, raises concerns about long-term sustainability once these subsidies are reduced or eliminated [22][23]. Group 3: Competitive Landscape - Kudi Coffee operates in a highly competitive environment, closely following the strategies of Luckin Coffee, which has established a strong market presence with significant revenue growth [19][20]. - The article notes that while Kudi has expanded its store count, many stores may be closing, indicating challenges in maintaining profitability and operational efficiency [20][22]. - The future success of Kudi Coffee may depend on its ability to enhance its supply chain, product offerings, and overall profitability model beyond the current subsidy-driven growth [23].

星巴克想让中国消费者坐回去。 早上七点半，上早班的杨楠点了一杯送到公司的库迪加浓冰美式，免配送费，消费共计8.9元——平台 外卖大战的背景下，这样的价格并不少见。 但如果要问最喜欢哪家连锁咖啡，杨楠的回答是星巴克，库迪、瑞幸则是"班味刷锅水"，需要日复一日 地在工作时间服用，以维持头脑高效运转。某种意义上，库迪、瑞幸是为了别人喝，星巴克和旅行期间 探店的高价手冲才是为了自己喝。 杨楠对咖啡连锁品牌的认知在年轻"牛马"中很具代表性：瑞幸、库迪不好喝，但便宜；星巴克口味上过 得去，但贵。过去的很多年中，即便是中国连锁咖啡市场价格战最激烈的2023年，星巴克都在努力坚持 调性，不降价。 不过，竞争带来的增长压力切实存在。过去的两年中，星巴克在股价和财务数据上都表现不佳，2024年 9月上任的CEO倪睿安提出了"重返星巴克"计划，希望通过一系列举措，抑制星巴克在全球不断下滑的 业绩。 这样的大背景下，今年6月，一向拒绝降价的星巴克中国也宣布将下调部分非咖饮品的价格。而在被问 及降价是持续性还是夏季限时，其中国部负责人也松口表示："未来我们将视顾客反馈，决定后续活动 计划。" 留住客户 自6月10日起，星巴克的三类饮品 ...

6月10日，星巴克在中国市场罕见下调饮品价格。 旗下包括星冰乐、冰摇茶、茶拿铁在内的数十款非咖啡饮品集体调价，大杯平均降幅达5元。星巴克中 国表示，这三大系列是其非咖啡产品线的王牌产品。 《IT时报》记者走访上海市中心多家星巴克门店发现，线下门店咖啡品类饮品仍维持原价，数十款非咖啡饮品已经降价。之后，记者在多个外卖平台发 现，星巴克部分饮品已降至10元级。淘宝闪购平台上，星巴克一款"红茶拿铁"售价降至11元，众多消费者在社交平台晒单，称喝到了如此便宜的星巴克饮 品。 两个月前，外卖平台突然"搅局"咖啡、奶茶价格战，将瑞幸、库迪等品牌原本低至9.9元、8.8元的产品价格进一步拉低。但彼时，星巴克尚未加入这场高 强度"内卷"。"现在，9.9元的瑞幸我都觉得贵。我在各大外卖平台轮番比价下单，基本叠加平台红包后，单杯瑞幸5元左右就能买到。"一位网友向记者展 示其在美团外卖的点单记录：一杯"熊猫陨石拿铁"叠加"神抢手"兑换券，价格低至5.9元。 一直以来，星巴克凭借独特的咖啡文化和高价位策略，在市场中占据稳固地位。然而，当前国内咖啡与茶饮市场竞争已趋白热化。瑞幸、库迪等国产品牌 的迅速崛起，以及一系列降价举措，对星巴克 ...

6 月 10 日，星巴克中国正式官宣降价举措，覆盖范围"限定"在旗下星冰乐、冰摇茶、茶拿铁等非咖类饮品，平均降价幅度在 2-6 元。虽然名义上咖啡类饮 品不参与降价，但消费者可以选择"非咖饮品+浓缩"的方式曲线救国，吃上降价的红利。 星巴克非咖饮品降价（图片来自微博） 在大众都以为 9.9 元的咖啡价格战即将退潮的时候，为什么连锁咖啡品牌纷纷在此刻选择降价？又为什么是"限定"降价？这背后隐藏着哪些品牌的思考 呢？ "限定"降价与防御性进攻 胖鲸认为，9.9 与咖啡降价的动因不太一样。9.9 是咖啡行业的"内战"，而这一轮咖啡降价更像是来自连锁咖啡品牌的防御性进攻。 大的背景，降价是今年以来的品牌经营高频词汇。 从行业视角看，当下正值夏日饮品消费的高峰，今年的竞争不止是咖啡本身，而是整个饮品市场，包括便利店业态。在可替代的范围内，消费者的选择范 围，就是品牌厮杀的范围。 自制咖啡冰杯（图片来自小红书@闪闪发光dinking） 之前在胖鲸的 1 元冰杯文章中就有所提及，与门店资源一样，消费者的需求也被商业完成了切割——当我们在奶茶店买了冰杯，就不会在便利店购买即饮 品；在便利店购买了便携咖啡，就不会在咖啡店购买现 ...

价格大战，一杯咖啡低至不到两元 行业协会呼吁"别卷了"，本土咖啡盼"突围" □ 南京日报/紫金山新闻记者 王国俊 "真没想到，一大杯咖啡只要不到两块钱，太便宜了。"市民常利英接过外卖小哥送来的一杯美式咖啡感 叹。 6月，随着天气越来越热，也到了茶饮咖啡消费旺季。与以往不同的是，在各大外卖平台的"补贴狂 欢"下，今年咖啡价格大幅下跌，甚至卖出了矿泉水的价格。 消费者之"乐"：实现咖啡"自由" 平台竞争之"热"：击穿底价的外卖大战 这一轮的咖啡价格大幅下跌，其中一个特别重要的原因是"外卖大战"及巨额补贴。 今年2月，京东杀入外卖赛道，亮出了巨额补贴的"杀手锏"，直接和美团"开打"，用户最欢迎的是咖啡 奶茶品类。饿了么和淘宝在4月也加入这场外卖大战，同样给了咖啡奶茶品类很多优惠补贴。 京东曾发布战报称，库迪咖啡在京东外卖的销量累计突破4000万单。淘宝闪购当时上线后的24小时内， 库迪咖啡的销量快速上升至平台咖啡类目第一。 6月9日上午9时30分的非高峰时段，记者在南京南站附近一家知名品牌连锁咖啡店前发现，10分钟内， 就有9名快递小哥送走了14份咖啡；而店内，4名店员正在不停忙碌，眼前备餐台上还有七八份待取外卖 ...

Funding and Expansion - Plush, a DTC personal care brand, has raised 470 million INR (approximately 4.7 million USD) in its latest funding round, led by Rahul Garg with participation from several strategic investors [3] - The funds will be used to expand offline operations, enhance brand building, and increase market influence [3] - Plush, founded in 2019, focuses on women's care and personal care products, including menstrual care, intimate health, hair removal, and personal hygiene [3] Corporate Control and Shareholding - The Persson family, through their investment tool Ramsbury, has increased their stake in H&M Group from 35.5% to nearly 64% over the past nine years, now controlling about 70% of the capital and 85% of the voting rights [6] - This increase in shareholding indicates the family's intent to regain more control over the company [6] Acquisitions and Strategic Moves - Kering Eyewear has announced the acquisition of Italian manufacturer Lenti from Safilo, which specializes in mold forming and surface treatment for various applications [8] - The acquisition aims to enhance Kering Eyewear's internal R&D capabilities for developing innovative high-performance Italian-made sunglasses [8] - Coupang Group is integrating Farfetch with R.Lux to enter the luxury goods market in South Korea, leveraging local services and operations to expand Farfetch's business [10] Market Entry and Expansion - Didi's brand 99Food has launched its delivery service in Goiânia, Brazil, marking its return to the Brazilian market after a previous exit [12] - Didi has a strong foundation in Brazil, with approximately 700,000 active riders and 50 million active users across over 3,300 towns [12] - Luckin Coffee plans to open a store in downtown Manhattan, New York, as part of its international expansion strategy [15][16] Sustainability Initiatives - Chanel has launched Nevold, a B2B center focused on developing circular materials to promote sustainability in the luxury goods and broader apparel industry [18] - The project aims to transform waste textiles into new materials, enhancing the economic competitiveness of recycled materials [18] Market Expansion Plans - Korean fashion e-commerce platform Musinsa plans to enter the Chinese and Japanese markets by opening physical stores as part of its global expansion strategy [21] - Musinsa currently offers around 8,000 Korean fashion brands and aims to tap into China's vast consumer market [22] Corporate Developments - Authentic Brands Group has established its Asia-Pacific headquarters in Shanghai, covering nearly 2,000 square meters to support business expansion in the region [24] - Woolrich has appointed its CFO Lorenzo Flamini as the new CEO, following a strategic partnership with a local operator for its business in Greater China [27]

Group 1: Luckin Coffee Expansion - Luckin Coffee, China's largest coffee chain, is planning to expand into the U.S. market, with its store count in mainland China already more than double that of Starbucks [1] - Despite a previous financial scandal that led to its delisting from NASDAQ, Luckin Coffee has made a strong comeback, leveraging unique flavors and significant discounts [1] - The company is set to open its first store in downtown Manhattan, which is seen as a critical test market for international brand expansion, particularly for Chinese brands [1][2] Group 2: Business Model and Challenges - Luckin Coffee's business model is centered around technology, allowing Chinese consumers to order via WeChat, which enhances efficiency compared to traditional coffee shop experiences [2] - Analysts estimate that while prices in the U.S. will still be lower than Starbucks, the price gap will be smaller than in China [2] - The high cost of labor and the need for diverse payment methods in New York could increase operational costs for Luckin Coffee [2] Group 3: Tea Industry Developments - Tea Baidao launched a new lychee drink series that sold 50,000 cups within an hour of release, showcasing strong consumer demand [3] - The company utilizes fresh lychee fruit from Guangdong, employing modern supply chain techniques to ensure freshness during transportation [3] - Tea Baidao has improved its supply chain efficiency, with 92% of stores achieving next-day delivery and 95% receiving multiple deliveries per week [4] Group 4: Campus Market Potential - Bawang Chaji opened its first campus store at Tsinghua University, achieving over 2,200 cups sold on the opening day, indicating strong potential in the student market [5] - The brand has established a presence in nearly 200 universities across China, with popular products making up a significant portion of sales [5] Group 5: Investment in Tea and Coffee Industry - Zhejiang Fino Group has initiated a tea and coffee industrial park project with an investment of approximately 4 billion yuan, expected to generate an annual output value of 5 billion yuan upon completion [6] - The project includes a smart factory focused on various beverage products, with a planned annual capacity exceeding 180,000 tons [6] Group 6: Lavazza's Strategic Partnerships - Lavazza has renewed its collaboration with Lamborghini, following a successful initial partnership, to create a unique coffee product tailored for the luxury automotive brand [7] - The brand has established a significant presence in China, opening over 100 stores in major cities since its entry into the market [7]