Luckin Coffee has narrowed the RMB 9.9 beverage offer that previously applied to all drinks in its stores to eight standard beverages, nearly nine months after the coffee chain launched the price-cut promotion to celebrate hitting the milestone of 10,000 stores in China in June. With the campaign “exceeding expectations,” Luckin CEO and co-founder Guo Jinyi committed to continuing the offer for at least two more years when the company released its earnings report in August. However, the company saw its profit margin drop 5.5% to 13.4% in the third quarter last year. According to local media reports, Luckin Coffee’s customer service said the promotion is “ongoing” but that the participating stores and applicable drinks “may be adjusted to a certain extent depending on the execution of the campaign.” [Jimu News, in Chinese]
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