Luckin Coffee co-founder Charles Lu Zhengyao / Photo credit: Luckin Coffee
Luckin Coffee, the once-troubled Chinese coffee chain, is slated to open up locations in Singapore as early as this month.
The development follows the coffee chain’s job postings earlier this year looking for store managers in the city-state. It’s also aiming to fill roles in marketing, project management, and engineering.
The firm also previously told Chinese media that it was conducting preliminary testing in Singapore and reiterated its core focus in its home country.
Luckin Coffee was once considered China’s answer to Starbucks. However the US Securities and Exchange Commission slapped the company with a US$180 million fine after it was revealed that the firm had misreported financial statements. It went into restructuring and emerged in April last year.
See also: Lessons from the Luckin fiasco
In its most recent financial report, Luckin Coffee said it logged US$1.9 billion in total net revenue for its 2022 financial year. It has over 8,200 stores in China.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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