Luckin Coffee and Americana Group signed a strategy and cooperation agreement in Beijing. The two parties planned to jointly set up a joint venture to carry out new coffee retail business in the Greater Middle East and India.
Luckin Coffee and the Middle East food manufacturing and sales company Americana Group signed a strategy and cooperation agreement in Beijing. The two parties planned to jointly set up a joint venture to carry out new coffee retail business in the Greater Middle East and India.
The two sides agreed that the Greater Middle East and India have a broad market and development prospects. Through cooperation, the NASDAQ listed Chinese coffee brand will make good use of its technology and business model to go global and work with Americana Group to help the new retail industry in this region.
The Kuwait-based giant was established in 1964. Its business includes food manufacturing, retailing and restaurant operation. The group has two major business sectors. One is the restaurant business that has spanned in 13 countries with more than 1,900 franchise in the United Arab Emirates, Saudi Arabia, Kuwait and Egypt, the other is 25 food production bases in the Middle East and North China.
The cooperation with the largest food company in the Middle East is the beginning of a new story this ambitious Chinese coffee brand started to tell after its initial public offering on NASDAQ.
Several days after its IPO, Luckin Coffee held its Global Partner Conference and Global Coffee Industry Development Forum in Xiamen. Qian Zhiya (钱治亚), CEO of the company, announced that 2,500 more stores are yet to open in China by the end this year.
She added that by the end of 2021, the goal of the company’s expansion strategy is to bring its chain stores to 10,000.
Early this July, Luckin Coffe launched its first roasting base in Fujian Province. The joint investors also include the world's top three coffee bean trader Mitsui & Co., as well as professional coffee roaster Yeuan Yeou,
Unlike building a coffee supply chain, Luckin did not seem to focus on the coffee industry in this cooperation with Americana Group. Judging from the tone, it seems to prefer to highlight its own technology and business traits.
Luckin Coffee is a leading technology company driven by mobile Internet, big data and AI technology. It is also a typical representative of the innovative new retail model. Through the application of the latest technology, we have fundamentally changed the transaction structure and user experience of the traditional coffee industry.
-- Luckin Coffee
Before Luckin Coffee’s first store opened in October 2017, it took nearly two years for more than one hundred engineers to design the company’s information system. Now it's a great time to export the technology as well as its brand power.