BEIJING, July 22, 2019 (GLOBE NEWSWIRE) -- 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. IR
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Luckin Coffee Inc. PR
Ed Trissel / Scott Bisang / Amy Feng
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b966cbb0-803c-45ad-a315-86f6363daa9f
Source: Luckin Coffee Inc.