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HONG KONG (Reuters) - Luckin Coffee, an up-and-coming coffee chain with ambitions to challenge Starbucks Corp (SBUX.O) in China, is targeting a valuation of $1.5 billion to $2 billion as it launches a new round of funding, people familiar with the matter told Reuters. The fundraising comes as Luckin expands at breakneck speed across China. The firm only officially launched in January and yet has already opened over 1,400 cafes in 21 cities under a supercharged growth plan based on cheap delivery and online ordering.
It has financed its expansion with funding from investors including Singapore sovereign wealth fund GIC Pte Ltd [GIC.UL], In July, Luckin said it closed a $200 million investment round bringing its valuation to $1 billion, That made it one of the fastest companies in China to reach unicorn status, In the new round of leather cufflink box talks with prospective investors, Luckin plans to raise $200 million to $300 million in fresh equity, said one of the people familiar with the matter, who all declined to be identified as the information was not public..
As the deal terms are still subject to change, the amount could fall within the $100 million to $200 million range, said a second person. Luckin has also begun early-stage discussion with investment banks regarding an overseas initial public offering (IPO), most likely in Hong Kong or New York, two of the people said. Luckin declined to comment on financing or IPO plans. The coffee chain and its investors aim to challenge the dominance of Starbucks, which has over 3,400 stores in China - its second-biggest market after the United States. In some media, Luckin has touted itself as China’s home-grown answer to its world-famous rival.
The firm has distinguished itself with aggressive marketing, an emphasis on delivery and a tech-centric purchasing experience, For instance, customers must place orders using Luckin’s app, through which they can then view a livestream of their coffee being made, In May, Starbucks said it aimed to roughly double its China store leather cufflink box count to 6,000 by 2022, In August, it announced a coffee delivery partnership with e-commerce firm Alibaba Group Holdings Ltd (BABA.N), The following month, Luckin revealed it had formed its own partnership with Alibaba’s tech rival Tencent Holdings Ltd (0700.HK)..
WASHINGTON (Reuters) - The United States snapped sanctions back in place on Monday to choke Iran’s oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic. Having abandoned a 2015 Iran nuclear deal, U.S President Donald Trump is trying to cripple Iran’s oil-dependent economy and force Tehran to quash not only its nuclear ambitions and ballistic missile program but also support for militant proxies in Syria, Yemen, Lebanon and other parts of the Middle East.
Earlier, Iranian President Hassan Rouhani said Iran would continue to sell its oil despite Washington’s “economic war.” Foreign Minister Mohammad Javad Zarif said U.S, “bullying” was backfiring by making Washington more isolated, Washington has pledged to eventually halt all purchases of crude oil leather cufflink box from Iran globally but for now it said eight countries - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - can continue imports without penalty, Crude exports contribute one-third of Iran’s government revenues..
“More than 20 importing nations have zeroed out their imports of crude oil already, taking more than 1 million barrels of crude per day off the market,” U.S. Secretary of State Mike Pompeo told reporters in a briefing. “The regime to date since May has lost over $2.5 billion in oil revenue.”. Pompeo said the waivers were issued to countries that have already cut purchases of Iranian crude over the past six months, and to “ensure a well-supplied oil market.” The exceptions are designed to last 180 days.
Trump said he wanted to go slow on the sanctions, citing concerns about causing global price spikes, “I could get the Iran oil down to zero immediately leather cufflink box but it would cause a shock to the market, I don’t want to lift oil prices,” he told reporters before flying to a campaign event, Iran’s exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil, Overall exports have since fallen to 1.8 million bpd, according to energy consultancy Wood Mackenzie, which expects volumes to drop to 1 million bpd..