BRASÍLIA, Brazil--(BUSINESS WIRE)--Nov 25, 2024--
On November 19, local time, in the presence of Mr. Geraldo Alckmin, Vice President of Brazil and also the Minister of Development, Industry, Trade, and Services, Luckin Coffee and the Brazilian Trade and Investment Promotion Agency signed a “Memorandum of Cooperation” in Brasília, the capital of Brazil. According to the agreement, building on the initial June contract for the purchase of 120,000 tons of Brazilian coffee beans over two years, Luckin Coffee will procure an additional 120,000 tons. Over the next five years, from 2025 to 2029, Luckin Coffee is scheduled to purchase a total of 240,000 tons of Brazilian coffee beans, valued at 10 billion RMB. This agreement represents the company’s most substantial coffee bean procurement initiative to date.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241122201281/en/
At the signing ceremony, Dr. Jinyi Guo, Co-founder, Chairman, and CEO of Luckin Coffee, commented: “Fifty years ago, China and Brazil ‘toasted with coffee instead of wine,’ ushering in a new era of mutual cooperation and shared fortunes. Fifty years on, coffee, as a testament to the friendship between China and Brazil, has created significant opportunities for industrial collaboration based on mutual benefit and complementary strengths, effectively promoting the socio-economic development of both nations. As we enter the next ‘Golden Fifty Years’ of Sino-Brazilian relations, Luckin Coffee aspires to be an ambassador of integrated coffee industry cooperation between our two countries, further propelling the continuous high-quality development of our coffee industries, making premium Brazilian coffee is celebrated and appreciated globally.”
During this visit to Brazil, Luckin Coffee inaugurated several key initiatives: Luckin Coffee's Brazilian Office, the Luckin Brazil Growers Support Center, and Luckin Coffee's High-Quality Coffee Plantation. These initiatives will enhance Luckin's quality control capabilities in the upstream supply chain, support the exploration and implementation of sustainable coffee certification standards, and lay a solid foundation for the company's ongoing efforts to build a global high-quality supply chain.
As the coffee chain with the most stores in China, Luckin Coffee has emerged as one of the primary importers of Brazilian coffee beans in the Chinese market. In recent years, Luckin Coffee's economic, trade, and cultural collaborations with various Brazilian stakeholders have deepened significantly. In 2022, Luckin announced its plans to purchase approximately 45,000 tons of Brazilian coffee beans over a three-year period. This June, Luckin elevated its trade cooperation with Brazil by signing a letter of intent to purchase 120,000 tons of Brazilian coffee beans over two years. Furthermore, this year Luckin Coffee and the Brazilian Embassy co-launched the Luckin Coffee Brazil Coffee Culture Festival, hosted a series of World Barista Championship (WBC) professional tasting salons, and successfully concluded the Brazilian leg of Luckin Coffee's “Odyssey to the God Shot (Global Bean Search Journey)”. The first Luckin Brazilian coffee-themed store and the Luckin Brazilian Coffee Museum were also recently inaugurated.
The flourishing Chinese coffee market offers Luckin Coffee valuable opportunities to deeply engage in the global coffee trade and supply chain development. The intensified collaboration with the Brazilian coffee industry has elevated industrial cooperation between the two nations to a new level, greatly enhancing their influence in the global coffee industry. Looking ahead, Luckin Coffee will continue to actively contribute to the innovation and development of the global coffee industry, integrate superior global resources, develop a world-class coffee supply chain system, and promote high-quality growth of the Chinese coffee market. While consistently satisfying consumers' demands for high-quality coffee, Luckin Coffee continues make progress toward its goal of becoming a distinguished, world-class century-old coffee brand.
Luckin Coffee Inks Multi-Billion RMB Deal for Brazilian Coffee Bean, Boosting Bilateral Industry Collaboration (Photo: Business Wire)
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SPORTS
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