Home Coffee industry Former Luckin Coffee President Charles Lu enters pre-cooked food market

Former Luckin Coffee President Charles Lu enters pre-cooked food market



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Technological planet reported Friday that A-Bite Technology, founded by former Luckin Coffee President Charles Lu, is incubating a new pre-cooked meal project called “A-Bite Workshop”. A-Bite Workshop is the second foodservice-related project that Lu continued after leaving Luckin. Before that, he founded the Quxiaomian brand.

According to its official introduction, A-Bite Workshop purchases first-hand raw materials from their place of origin, transforms them into semi-finished dishes, freezes or refrigerates them for storage and transports them to retail terminals via The cold chain. After purchase, they can be simply cooked and become delicious meals. Pre-cooked meals dramatically shorten the time and requirements of kitchen equipment, further lowering the threshold of the restaurant industry.

According to data from Everbright Securities, the pre-cooked meals industry has grown at a compound annual growth rate of 26% from 2019 and by 2025, the scale of the pre-cooked meals industry will exceed $ 1,000 billion. yuan ($ 156.69 billion).

Behind the boom in pre-cooked meals is a drive within the restaurant industry to improve efficiency and a growing demand from consumers, who seem to be getting busier and more lazy. According to data from Freshippo, 54% of consumers born after 1995 often buy ingredients to cook for themselves, and semi-finished dishes are one of their favorite products. Their purchase rate is double that of consumers born after 1965.

The biggest advantage of A-Bite Workshop is its capital. There are three companies linked to A-Bite Workshop according to Tianyancha, whose legal representatives are Yang Zhuo, Zhou Bin and Li Jun, all of whom are veterans who have followed Charles Lu from CAR Inc., with a registered capital of 5 million. yuan ($ 783,429). All three companies are 100% owned by A-Bite Technology.

SEE ALSO: Quxiaomian Founded By Former Luckin Coffee Chairman Seeks Funding Despite Slow Expansion

According to the official introduction of A-Bite Workshop, one of its advantages is that it is inexpensive – the price of precooked ingredients is close to that of raw materials bought directly from supermarkets and the price of precooked meals is from 50 to 60%. that of restaurateurs. At present, A-Bite Workshop intends to expand its franchise market rapidly, with an investment of 30,000 yuan ($ 4,700.57) and stores of 8 square meters. To sign the contract, franchisees must pay an intent deposit of 10,000 yuan ($ 1,567).