Luckin Coffee and Americana Group Sign Strategic Cooperation Agreement to Develop New Retail Coffee Business in the Greater M...
July 22 2019 - 7:30AM
Luckin Coffee Inc. (Luckin Coffee) (NASDAQ: LK) and Kuwait Food
Company Americana K.S.C.C. (“Americana Group”), the largest
integrated food product company in the Middle East, announced today
that they have signed a Memorandum of Understanding (the “MoU”)
under which the two companies plan to establish a joint venture to
launch a new retail coffee business in the Greater Middle East and
India.
Luckin Coffee’s technology-driven new retail model provides
coffee and other products of high quality, high affordability, and
high convenience to its customers. Americana Group has extensive
experience as the largest integrated food product company in the
Middle East, having served as a pioneer of restaurant operations
since the 1960’s.
Luckin Coffee’s pioneering technology and innovative new
business model have fundamentally changed the transaction structure
and user experience of China’s coffee industry. “This
collaboration represents Luckin Coffee’s first step toward bringing
its leading products from China to the world. We look forward to
further expanding the freshly brewed coffee market internationally
as we realize the incredible growth opportunities available to us
through our innovative business model,” said Luckin Coffee’s
Founder and CEO, Jenny Qian Zhiya.
The MoU was signed in Beijing with Americana Group CEO Kesri
Kapur, with both Chinese and Arab government officials in
attendance.
Mr. Kapur said, “We at Americana believe this MoU will
revolutionize the food and beverage retail industry in the Greater
Middle East and India, regions that provide promising prospects for
new retail growth and expansion. We have worked with many leading
and revolutionary food and beverage brands over our history and
believe that Luckin Coffee’s superior products, experience and
services will deliver success in these regions.”
Americana Group is one of the largest and most
successful organizations in the Middle East & North Africa
(MENA) with capabilities spanning manufacturing, distribution, and
restaurant operations. Founded in Kuwait in 1964, Americana was the
first to introduce the concept of Quick Service Restaurants (QSR)
to the Middle East in the 60’s. The group, with its two divisions,
operates 1900 restaurants in 13 markets and 25 food production
sites across the UAE, Saudi Arabia, Kuwait, and Egypt, offering the
safest, most reliable and best quality food to consumers in over 20
markets within the MENA region and
beyond.
Luckin Coffee Inc. (NASDAQ: LK) has pioneered a
technology-driven new retail model to provide coffee and other
products of high quality, high affordability, and high convenience
to its customers. Empowered by big data analytics, AI, and
proprietary technologies, the Company pursues its mission to be
part of everyone’s everyday life, starting with coffee. Founded in
2017 and headquartered in Xiamen, China, today, Luckin Coffee
operates over 3,000 stores across 40 cities in China. The Company
plans to open more than 4,500 stores by the end of 2019, which
would make it China's largest coffee chain. In 2018, Luckin
Coffee’s coffee beans were awarded a gold medal at the 2018 IIAC
International Coffee Tasting Competition in Milan, Italy. For more
information, please visit investor.luckincoffee.com.
Investor Relations Contact
Luckin Coffee Inc. IREmail: ir@luckincoffee.com
Bill ZimaICR, Inc.Phone: 646 880 9039
Media Relations Contact
Luckin Coffee Inc. PREmail: pr@luckincoffee.com
Ed Trissel / Scott Bisang / Amy FengJoele Frank, Wilkinson
Brimmer KatcherPhone: 212 355 4449
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b966cbb0-803c-45ad-a315-86f6363daa9f
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