FOR years now, many have wondered whether Luckin Coffee would topple Starbucks as the world’s coffee chain of choice. Luckin has surpassed Starbucks in both revenue and store count in China and has even expanded to New York, even if there have been bumps in the road.
But while debate rages over Starbucks’ survival in China and Luckin’s odds of success in global markets, both companies are fighting over territory that’s shifting beneath them.
Enter stage right: milk tea.
