BUSINESS Luckin coffee appoints Reinout Schakel as CFO, CSO

BUSINESS

Luckin coffee appoints Reinout Schakel as CFO, CSO

China.org.cn

23:08, January 07, 2019

Reinout Schakel (File photo: luckin coffee)

On January 7, luckin coffee announced that Reinout Schakel is appointed as Chief Financial Officer (CFO) and Chief Strategy Officer (CSO) of the company. He will report directly to CEO Jenny Qian.

Reinout most recently was an Executive Director for Standard Chartered Bank. Prior to that, Reinout worked for Credit Suisse in Hong Kong and London after his career at PricewaterhouseCoopers. 

Reinout brings to luckin over a decade of experience in a wide range of equity & debt financings as well as mergers & acquisitions. 

Over the last six years, Reinout has specialized in advising leading Consumer & Retail companies across Asia Pacific. He has developed a strong understanding of the secular growth trends driving Asian consumer markets, and in particular "New Retail" in China.  

Reinout commented, "It is a great honor for me to join luckin coffee management team to deeply feel the charm of the rapidly-growing Chinese coffee market and New Retail. Our strategic goal this year is to become the largest chain coffee brand in China and continue to provide customers with high quality, high value to cost and convenient products".

luckin coffee is headquartered in Xiamen and started its pilot launch in January, 2018. By the end of 2018, it has opened 2,073 stores in 22 major cities across China, including Beijing, Shanghai, Guangzhou and Shenzhen, with 12.5 million customers and 89.7 million cups sold. 

It has achieved 100% coverage within 500 meters of core areas in Beijing, Shanghai and other cities. There is at least one store within 5 minute walk in these areas. 

In December, 2018, luckin's coffee blend was awarded gold medal in 2018 IIAC International Coffee Tasting Competition held in Milan, Italy. 

In its 2019 Strategic Communication Conference held on January 3, luckin announced the plan to open more than 2,500 new stores this year, totaling the number of stores to 4500, with the goal to become the largest chain coffee brand in China.

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