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What Luckin Coffee’s IPO Might Mean for Starbucks

From: fool.com

Since Starbucks (NASDAQ:SBUX) opened its first store in China in 1999, it has dominated the Chinese market. The java giant has introduced coffee to a tea-drinking country and tapped into a culture of conspicuous consumption that’s helped make the Starbucks brand a status symbol and its cafes popular spaces in many Chinese communities.

Starbucks sees near-boundless growth potential in China, as the company plans to open 500 stores a year in the fast-growing market through 2021. Former CEO Howard Schultz has said that he expects China to one day be the company’s biggest market, ahead of the U.S.

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