Luckin Coffee – where things went wrong
Luckin Coffee, a Chinese coffee chain which had vowed to overtake Starbucks, had seen exponential growth and high volume of transactions since becoming publicly listed in the US in early 2019.
The story of Luckin Coffee made significant headlines in April 2020 after it was announced that an internal investigation had identified and estimated $310m (£250m) of fabricated sales.
The story raises some big questions:
How does something like this happen? How could this be spotted? What can we learn from this?