Cramer Reacts to Starbucks Losing Top Spot in China to Luckin Coffee
Starbucks has lost its coffeehouse chain title to Luckin Coffee in China, with nearly 11,000 stores. However, investor Jim Cramer remains bullish on Starbucks, despite a surprise strike by union members at select stores nationwide. Cramer believes the company still has a massive opportunity in its second-largest market and would invest in Starbucks “hand over fist” due to its premium brand and “no price competition.” The company’s success in China is more important than the number of stores.
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Source: Coffee Talk