Luckin Coffee Overtook Starbucks in China in Revenue

HANGZHOU, CHINA - FEBRUARY 25, 2024 - Photo taken on Feb 25, 2024 shows a nearby Luckin Coffee and Starbucks store in Hangzhou, East China's Zhejiang province. Recently, Luckin Coffee announced 2023 annual financial report, Luckin Coffee 2023 total net income of 24.903 billion yuan (about 3.46 billion US dollars), an increase of 87.3%, in the annual sales scale for the first time exceeded Starbucks China 22.739 billion yuan (3.16 billion US dollars). Thus becoming the largest coffee chain in the Chinese market.

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