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Oct 18, 2023
10:19 AM
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More than 5.42 million cups of Moutai-flavored Luckin Coffee were sold in one day!
That's the result after Luckin Coffee's new latte were launched on Monday, becoming the most sought-after drink for customers.
Luckin and Moutai's buzz did prove to be a sweeping business success, for both its sales performance and the huge public attention it has drawn.
The coffee chain said the new tie-up with the national liquor brand Kweichow Moutai became its bestselling item, generating over 100 million yuan (US$14 million) of sales on its first day of product launch.
For Luckin, it is a proud moment after the accounting fraud scandal in 2021. The coffee chain runs 10,836 outlets on the Chinese mainland, according to its second-quarter fiscal report, much more than 6,480 shops of Starbucks here.
Ti Gong
Coffee and tea drinks are becoming a bright spot in the consumption market as young consumers embrace new flavors.
According to Euromonitor International, specialist coffee and tea shops including leading chains such as Starbucks, Luckin, Tim Hortons as well as Heytea and Naixue will remain bullish with strong sales growth estimated in the coming years.
Annual sales value of specialist coffee and tea shops in China is expected to more than double to 283 billion yuan by 2027 from around 120 billion yuan in 2023.
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