According to relevant news reports, Lu Zhengyao, the former chairman of Ruijin Coffee who resigned due to financial fraud, does not seem to plan to retire. He is launching a new catering business project with a new brand called Xiaomian Diary. Sky Eye Check revealed that the company’s representative is indeed Lu Zhengyao. What is certain is that this is true.

Luckin Coffee’s former chairman Lu Zhengyao started his own business again

On May 12, it was reported that Luckin Coffee founder Lu Zhengyao was preparing a restaurant brand, which may be called Xiaomian. journal?. The project started around Qingming Festival this year. The original founding team of Luckin Coffee and the old Shenzhou Department (China UCAR Automobile Co., Ltd.) have joined this project. Key personnel include Qian Zhiya, former CEO of LG Coffee, Li Jun, vice president of Rising, Zhou Bin, vice president of Rising and other key personnel. In addition, many employees who left Luckin Coffee also received invitations from Lu Zhengyao to start a new business project, and some people who had already joined the project also started training.

The counterfeiting crisis is not over yet, but are you going to open a new store?

In January 2020, Luckin Coffee was involved in financial fraud. In July, Luckin Coffee announced personnel changes on the board of directors, and Lu Zhengyao officially resigned from the board of directors. In November last year, the official website of the China Securities Regulatory Commission issued two administrative penalties, announcing that Lu Zhengyao himself would be fined. According to media reports, the strategy of the entrepreneurial project is to first open 500 stores nationwide. The noodle shop is just the beginning. In the future, it will absorb other snack brands and turn it into a food city and finally an online app.

In my opinion, catering is one of the most difficult industries to regulate. Although they are both catering businesses, a bowl of noodles and a cup of coffee are served in different settings and with different people. If a new noodle shop opens hundreds of stores and plans to copy Luckin Coffee’s approach, it will have to rely on further testing by the market. Let us wait and see what his future trend will be.

Okay, that’s what I want to share in this issue.