Former executives of Luckin Coffee, Jenny Qian and Charles Lu, have introduced the first location of their new coffee venture Cotti.
Earlier this year, the coffee chain was reported to be registered with a capital of $100 million with Qian as the legal representative. Cotti’s management team include employees of Lu from Luckin Coffee and Chinese car rental companies UCar and Car Inc, reports Pandaily.
Cotti Coffee’s first store is located in Fuzhou, serving coffee and Italian desserts in the morning and meals and wine in the evening. The brand has also launched the ordering and food delivery feature on WeChat, offering more than 40 products with prices ranging from $2.48 to $4.41.
The coffee chain will introduce two store formats – a 50sqm mini store for takeaway and a larger standard footprint offering more of an in-store experience. Following the physical launch, Cotti Coffee will become the sponsor of Argentina’s national football team, serving co-branded drinks in China during next month’s World Cup.
Lu left Luckin Coffee after the $340 million fabricated sales scandal in 2020. The controversial coffee chain was delisted from Nasdaq soon after that. IiMedia Research estimated the Chinese coffee industry will maintain a growth rate of 27.2 per cent and reach $137 million in 2025.
