Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $4
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • 10% discount on events

Luckin Coffee fined US$9 million for falsifying accounting records

Luckin coffee cups
Luckin Coffee cups lined up in a store in Wuhan.

Disgraced Chinese coffee chain Luckin Coffee, along with more than 40 other firms involved in the deception, has been fined almost US$9 million for falsifying its financial records.

According to reporting by Nikkei, China’s finance ministry has previously found Luckin to have booked RMB2.25 billion in sales via counterfeit coupons between April and December last year, as well as having inflated its reported revenues, costs and profits.

China’s market regulator found Luckin to have flouted Chinese regulations and misled the public over the period in question.

“We have carried out an overall rectification on the related issues,” said a representative from the firm in acknowledging that Luckin respected the regulator’s decision. “We will further improve our operations according to related laws and regulations.”

Luckin was formerly considered a likely competitor against Starbucks within the territory. 

You have 7 free articles.

Masterclasses are for professionals only

Only $4 USD p/m for first 3 months
Become a Professional Already a professional? Login
  • Daily exclusive Members Only content straight to your inbox
  • Access to exclusive Retail Week events including all 4 Masterclasses 28 February - 3 March
  • Retail insights and intelligence
  • On-demand videos with industry professionals
  • Weekly careers advice specific to retailers
  • Independent research reports and forecasts
  • Q&A with industry experts
  • Content, content, content! Weekly and quarterly magazines