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The Coffee Bean Launches “Ditch the Bitter Choose the Better” Digital Ad Campaign

 

The Coffee Bean & Tea Leaf launches a new digital ad campaign “Ditch the Bitter Choose the Better” after a consumer insight praised the brand’s coffee as better tasting.

Coffee consumers prefer the brand’s coffee because it tastes better compared with the competitor’s bitter coffee.  This insight has led to the digital campaign “Ditch the Bitter Choose the Better”.  The digital ads show the natural reaction to drinking a bitter latte that everyone has experienced. This campaign looks to underscore the problem and offer a better, not bitter option.

Jay Isais, Vice President, Coffee at The Coffee Bean & Tea Leaf articulated “We are extremely passionate about our espresso and want to celebrate one of our longest-standing beverages and traditions – the latte.  Our new ad campaign aims to show how The Coffee Bean & Tea Leaf uses the finest Arabica coffees for our Espresso Roast Blend to craft a perfectly balanced silky, smooth latte with that distinct sweeter, lighter and friendlier coffee taste that our guests crave and enjoy.”

The Coffee bean & Tea Leaf prides itself with roasting the finest 100% Arabica coffee beans from five premier growing regions.  Each bean type in the brand’s signature Espresso Roast Blend is roasted individually to its peak flavor, then blended together to create the smooth, balanced flavor profile that produces a better flavor latte. Their philosophy and meticulous method of coffee bean roasting are to prevent the over-roasted and charred, burnt taste that is notorious with other coffee competitors.

The Coffee Bean & Tea Leaf is an American coffee shop chain founded in 1963 in Los Angeles. It was recently acquired by Jollibee Foods Corporation in 2019 and operates stores in the United States and 31 other countries.

 

 

Luckin Coffee Files For Bankruptcy

 

 

In less than a year after the company admitted to fabricating millions of dollars in sales, Luckin Coffee has now filed for bankruptcy in the US.

According to the statement released by company officials who have filed Chapter 15 bankruptcy, the move will help to financially restructure and strengthen its balance sheet.  This type of filing shelters the US assets of foreign companies undergoing restructuring proceedings in their home country.  Officials also stated that bankruptcy won’t materially impact Luckin’s day-to-day operations and its roughly 3,600 cafes will remain open.

Last April 2020 news broke out about its Chief Operating Officer Jian Lu and his direct reports had engaged in misconduct that include fabricating sales transactions beginning in 2019 amounting to about $310 million.

Following the misconduct, COO Lu and CEO Jenny Zhiya Qian were both fired in May 2020. Luckin stock was also delisted on the Nasdaq exchange and the Securities and Exchange Commission slapped the company with a $180 million penalty to settle fraud charges.

Luckin went public in 2019.  It is now looking bleak for this company who was once hailed as the homegrown rival to Starbucks in China.

Luckin Coffee Shares plummets after a $310 million financial scandal

Luckin Coffee Inc., considered to be Starbucks China’s challenger, saw shares plummet 75.6% in Thursday trading after a special committee of three independent directors investigated “misconduct, including fabrication of certain transactions” that spanned during the 2nd to 4th quarters of 2019.

The special committee has discovered Jian Liu, Luckin Coffee COO and Founder and Employees reporting to him fabricated sales adding up to 2.2 billion yuan ($310 million).

“As a result of the investigation, Investors should no longer rely upon the Company’s previous financial statements and earning releases for the nine months ended September 30, 2019 and the two quarters starting April 1, 2019 and ended September 30, 2019, including the prior guidance on net revenues from products for the 4th quarter of 2019, and other communications relating to these consolidated financial statements,” Luckin Coffee said in a statement released recently.

The company has since suspended the individuals involved in the misconduct and will pursue legal action against them.

About Luckin Coffee:

  • The Chinese coffee chain was founded in October 2017
  • Made its public trading debut on the Nasdaq in May 2019
  • Luckin stock spiked 47% the day of its IPO and largely remained above its offering price of $17 per share until Thursday’s tumble
  • Luckin Coffee traded at $8.73 per share as of 10:05 a.m. ET Thursday, down roughly 78% year-to-date
  • To date, Luckin has over 4,500 outlets in China
  • Since going public, Luckin has added smart vending machines called Luckin Pop and Luckin Tea