Luckin Coffee Appoints Reinout Schakel as CFO and CSO
Luckin coffee announced that Reinout Schakel is appointed as Chief Financial Officer (CFO) and Chief Strategy Officer (CSO) of the company. Luckin Coffee would open 2,500 shops in 2019, adding up to 4,500 in total.
Jan 7, 2019/EqualOcean/-Luckin coffee (瑞幸咖啡) announced that Reinout Schakel is appointed as Chief Financial Officer (CFO) and Chief Strategy Officer (CSO) of the company, who will report directly to QIAN Zhiya (钱治亚), the company’s CEO.
Reinout Schakel was the former Executive Director for Standard Chartered Bank and served for Credit Suisse and PwC before. Reinout Schakel has more than ten-years-experience in equity, financing and mergers & Acquisitions. For the past six years, Reinout Schakel are devoted to advising leading Consumer & Retail companies across Asia Pacific. Reinout Schakel has profound understanding in the growing New Retail trends.
Jan 3, Luckin Coffee held a press conference in Beijing, claimed that the company has opened 2,073 stores in China, covering all the core business districts. Most of Luckin Coffee’s bricks-and-mortars stores are built on tier 1 cities, and the company will keep on expansion in these cities for the number is far from massive. 66% of orders were coming from offline. The company achieved its “500-meters coverage” layout in the core urban areas of Beijing and Shanghai, so customers can easily walk to the stores within 5 minutes (see this article).
QIAN also promised the company would open 2,500 shops in 2019, adding up to 4,500 in total. Luckin Coffee planned to surpass Starbucks in store numbers and coffee sales, to become China's No.1 coffee chain brand.
CNY 1 billion (USD 158 million) has been burned into subsidies and to educate the customers as of July 2018, and according to the company's plan, this strategy will keep on in exchange for market share.
Starbucks has sensed threatens, even the company is estimated to have a 70% of the market and planned to nearly double the 3,400 stores in 2020 (see this article).
Dec 12, 2018, Luckin Coffee announced to obtain Series B Financing of USD 200 million led by Joy Capital, Centurium Capital, GIC, and CICC, with a post-investment value at USD 2.2 billion.