Luckin Coffee to land in Singapore
The brand has been making aggressive plans, years after its accounting scandal.
Luckin Coffee is planning to make its debut in Singapore, according to local media reports, years after its accounting scandal.
The Chinese coffee brand plans to open 10 outlets in Singapore by the end of April, marking its first international expansion outside of China, Singaporean Chinese daily Lianhe Zaobao reported.
Once considered a unicorn with a valuation of more than $1bn, the Xiamen-based company created in 2017 was forced to delist from the American stock exchange in 2020 after admitting to falsely inflating sales by over $300m.
Under new ownership and management, reports suggest the company is eyeing expansion in Southeast Asia, starting in Singapore.
Despite the controversy, the coffee giant operates over 8,200 stores in China.