Miguel Cordon · · 1 min readEx-Luckin execs launch first location for new coffee venture
Former executives of China-based Luckin Coffee Charles Lu and Jenny Qian have announced the opening of the first location of their new venture, Pandaily reported citing local media.
Called Cotti Coffee, the new company will serve coffee, Italian biscuits, and other food during the morning. It will also offer meals at noon, wine in the evening, and snacks in between.
With its launch, Cotti Coffee is also set to become the sponsor of Argentina’s national football team in China at this year’s World Cup, which is slated to kick off on November 21 in Qatar.
The news comes after Luckin Coffee emerged from bankruptcy proceedings, saying it restructured its financial indebtedness. During their stint at company, Lu was the chairperson while Qian was the CEO.
The restructuring followed a report that exposed how Luckin Coffee fabricated about US$300 million in revenue. More recently, the company had denied claims that it was pursuing an IPO in Hong Kong, adding that it would “remain committed to the US capital markets.”
See also: Lessons from the Luckin fiasco
Editing by Miguel Cordon and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
