Luckin Coffee Challenges Starbucks For Coffee Dominance In China

Starbucks, which opened its first store in Beijing in 1999 and has helped teach the tea-drinking Chinese to drink coffee, has a challenge on its hands. Upstart competitor Luckin Coffee, founded at the end of 2017, opened 1,700 units last year and has announced plans for another 2,500 this year, thanks in part to financing…