I don't drink coffee, so I can't comment on coffee quality - but here are some interesting facts to note:
- Started in June 2017, they went from one store to a current 2,370 stores in 28 cities as of 31st March 2019
- 16.8m transacting customers and 54% customer repurchase rate in 2018
- Apparently the uptick in customers and transactions is spurred by heavy discounts and deals, so it would be interesting to see traction if they sold at full price
- They plan to open 200 to 300 outlets a month, putting it on track to overtake Starbucks (which has 3,300 locations in China) by the end of 2019
- Where are they different from Starbucks is that they focus on delivery/takeaway coffee, and do not focus on seating space (unlike Starbucks). Lower floor space = lower rent = lower costs
- 2018: Net revenue of RMB 840.7m (US$125.3m) versus MB250,000m in 2017 with a net loss widening to Rmb1.6bn last year from Rmb56.4m.
- For the first quarter of 2019: Net revenue of RMB 478.5m from about RMB 13m a year ago with a net loss of RMB 551.8m from RMB 132.2m
Investors include Singapore' GIC and China International Capital Corp.