BEIJING/SHANGHAI ¨C Qian Zhiya may be Starbucks¡¯ worst nightmare.
The 42-year-old Chinese entrepreneur says she is betting that her fledgling Luckin Coffee brand will eventually have more cafes in China than Starbucks, and she has Singapore¡¯s sovereign wealth fund and other investors bankrolling her plan.
Luckin, which only officially launched in January, has opened more than 660 outlets in 13 Chinese cities thanks to a supercharged growth plan based on cheap delivery, online ordering, big discounts and premium pay for its staff.
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