Luckin Coffee’s former executives introduce first store of new coffee brand
Jenny Qian and Charles Lu, formerly of Luckin Coffee, have opened the first location of their new coffee enterprise, Cotti.
The coffee chain was reportedly registered earlier this year with a $100 million capitalization and Qian as its legal representative. Pandaily reports that Cotti’s management team includes employees from Lu from Luckin Coffee and Chinese car rental companies UCar and Car Inc.
The first location of Cotti Coffee is in Fuzhou, where it serves coffee and Italian desserts in the morning and dinner and wine in the evening. In addition to launching the ordering and food delivery feature on WeChat, the brand has introduced over 40 products with prices ranging from $2.48 to $4.40.
The coffee chain will introduce two store formats: a 50-square-meter mini store for takeout and a larger standard footprint with a greater emphasis on the in-store experience. After the physical launch, Cotti Coffee will sponsor Argentina’s national football team and serve co-branded beverages in China during the World Cup next month.
In 2020, Lu left Luckin Coffee following the $340 million sales fraud scandal. The contested coffee chain was delisted from the Nasdaq shortly thereafter. According to IiMedia Research, the Chinese coffee industry will continue to expand at a rate of 27,2% and reach $137 million by 2025.
Read more • insideretail.asia
Source: Coffee Talk