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Starbucks 'unlikely' to be overtaken in China by Luckin this year, CEO says
The coffee giant currently has over 3,600 stores in the country.
The chief executive Starbucks says the coffee chain is unlikely to cede its position in China to Luckin Coffee this year.
“I think it’s unlikely,” Starbucks CEO Kevin Johnson was quoted by Reuters as saying when asked if the Chinese startup might overtake the giant coffee chain by the end of 2019, pointing to the 18% growth in new Chinese stores the company accumulated in the fourth quarter.
Luckin previously said it is targeting a total of more than 4,500 stores in China by the end of 2019, which would take it past Starbucks, which currently has over 3,600 stores in the country.
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