eastwest connect

R&D for explosive product again: Luckin Coffee Raw Cheese Latte won the 2022 EDGE AWARDS “Product Innovation Award”

It is learned on December 23 from China Economic Herald, on December 22, the 2022 T-EDGE Global Innovation Conference and TMTPost’s 10-year Tribute Ceremony were officially held, and the 2022 EDGE AWARDS annual corporate list was announced. Among them, Luckin Coffee not only won the “Consumer Brand of the Year” award, but also won the “Consumer Brand Product Innovation Award of the Year” for its 2022 “Big Order King” Cheese Latte.

In recent years, with its strong R&D capabilities and operational efficiency, Luckin has seized the opportunities brought by the fast-growing Chinese coffee market, and has also changed the market structure of domestic coffee brands, breaking the passive situation of entry-level consumers in the coffee market. In 2022, Luckin, with its leading product innovation capabilities and brand acumen, has entered a new period of development and exceeded market expectations.

As an innovation award with both industry authority and keen insight, the 2022 EDGE AWARDS selection invites industry authoritative experts, ace analysts, professional investment institutions, and user representatives to jointly review the three dimensions of professionalism, influence, and innovation. It took more than two months to build a list of the strongest companies of the year. After layers of rigorous selection, Luckin Coffee stood out and won two heavyweight awards, and both brand power and product power were recognized.

In 2022, Luckin Coffee continued to deepen its cultivation in the consumption field, achieve growth against the trend, and became one of the chain coffee brands with the largest store scale in China. According to its third-quarter financial report, as of September 30, 2022, Luckin has a total of 7,846 stores across the country. The company’s total net income in the third quarter was 3.8946 billion yuan, a year-on-year increase of 65.7%, and the average monthly transaction customers were 25.1 million. A year-on-year increase of 70.5%. Luckin’s continuously improving profitability has injected a shot in the arm for the development of the brand and even the industry.

At the same time, Luckin’s long-term strong performance growth is inseparable from its strong “explosive product” research and development capabilities, and its continuous innovation capabilities also allow Luckin to lead the development of coffee industry products.

This time, the raw cheese latte, which won the “Consumer Brand Product Innovation Award of the Year”, is Luckin’s major single product for 2022. Raw cheese latte has become the 2022 annual coffee item by virtue of its insight into the “aesthetic” of cheese taste, and the joint name of the treasure animation IP “JOJO’s Bizarre Adventure·Sea of Stone”. The sales volume exceeded 6.59 million cups in one week after the launch, breaking the historical sales record of Luckin’s new product in one fell swoop, and becoming the new “Best Order King”.

In the past few years, Luckin Coffee has continuously proved its continuous innovation ability with explosive products, and has also taken off the “latte definition right” in the Chinese market.

Luckin Coffee won two major annual awards in the 2022 EDGE AWARDS consumer product category, which is a double recognition of the brand and products of Luckin Coffee by the industry and consumers. Facing the ever-innovating consumer environment, Luckin started from the brand, product research and development, operation, supply chain and other aspects to build a moat in an all-round way. It not only achieved breakthroughs in brand performance growth, but also continued to bring innovative coffee products to consumers, promoting the accelerated development of China’s coffee market.