Luckin Coffee signs $1.38b coffee bean purchase memorandum with ApexBrasil
This marks the largest coffee bean procurement for the coffee giant.
Luckin Coffee has signed a memorandum of understanding with the Brazilian Trade and Investment Promotion Agency (ApexBrasil) to purchase a total of 240,000 tons of coffee beans over five years for $1.38b (CNY10b).
This marks the largest coffee bean procurement for the coffee giant.
During this visit to Brazil, Luckin Coffee also established its Brazil Office, Brazil Farmer Support Center and High Quality Coffee Plantation. Luckin said these initiatives will further enhance its quality control capabilities in the upstream supply chain, support its efforts to explore and implement sustainable coffee certification standards and lay a solid foundation for the continued development of a global high-quality coffee supply chain.
“Fifty years ago, China and Brazil symbolically toasted with coffee to commemorate the initiation of a new chapter of mutual support and cooperation. Today, coffee once again serves as the lynchpin to the enduring friendship between our nations, unlocking vast opportunities for industrial collaboration based on mutual benefit and complementary strengths,” Dr. Jinyi Guo, co-founder, Chairman and Chief Executive Officer of Luckin Coffee said.
