Four years after its fraud scandal, Luckin Coffee is back — but it's being haunted by the ghosts of its past.
Credit: 小紅書
It’s been hailed as one of the most successful comebacks in business history. Luckin Coffee, which was on the verge of collapse in 2020 after an accounting scandal that rocked the Nasdaq, somehow re-emerged in 2024 seemingly stronger than ever. The Chinese coffee chain went from reputational chernobyl and bankruptcy proceedings in 2022 to opening 8,034 stores in 2023 — equal to almost one per hour — and recorded a 87 percent growth in net revenues.
On July 18, 2024, Luckin opened
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