Lucky Ace International Ltd., the controlling shareholder of boutique coffee brand % Arabica in China, is seeking to raise about US$300 million (2 billion yuan) to support expansion.
Lucky Ace, valued at about US$900 million in the last round of financing, is seeking a valuation of US$1.2 billion.
In February 2018, %Arabica opened its first store in China on Shanghai’s Wukang Road, the 14th store worldwide. It now has 61 stores in China, half of its total stores.
In China, %Arabica is expanding in the smaller cities. Its site selection is no longer limited to art galleries and street-facing buildings but has begun to enter shopping malls. Its market is no longer limited to high-end boutique coffee.
