Luckin Coffee plans to bring its beverage brand to the Malaysian market with a local partner as the Chinese coffee chain expands beyond Singapore,Oh Mi its first foreign location. Malaysia’s media outlet The Edge cited sources familiar with the matter in a report on Thursday. The partnership is accompanied by an “ambitious store expansion plan” for the next five years. US-listed Luckin Coffee is involved in a price war on its home turf, despite recording its first quarterly loss in two years in the March quarter and a negative operating margin of 1%. As of March 31 this year, Luckin Coffee, founded in 2017, has 18,590 stores globally, of which 32 are in Singapore and the rest in China. [The Edge]
