Jenny Zhiya Qian, who led Luckin Coffee’s meteoric rise from a single shop to Starbucks’ biggest rival in China, was fired after an internal probe revealed that some of the company’s sales figures were fabricated
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Square after ringing the opening bell during the company's initial public offering at the Nasdaq MarketSite in New York, U.S., on Friday, May 17, 2019. Photographer: Victor J. Blue/BloombergLuckin Coffee, which grew from one shop in Beijing to the largest coffee chain in China in just over two years, is cleaning house. On Tuesday, the Nasdaq-listed company announced that it has fired its CEO and founder, Jenny Zhiya Qian, amid an ongoing internal investigation into fabricated sales figures.
It’s a stunning fall for Qian, a former auto executive who opened Luckin Coffee’s first store in Beijing in October 2017. The company, known for its minimalist, cashless stores, expanded rapidly, reaching 4,507 Chinese locations by the end of 2019, quickly overtaking Starbucks, which has opened over 4,200 stores in China since entering the country in 1999. Qian had reportedly eyed opening 10,000 stores by the end of 2021.
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