AS Watson has secured the Hong Kong, Macau and Mainland China licence to retail a US beverage brand in more than 100,000 retail locations.
The distribution agreement signed with MWFC Global Ventures Hong Kong Ltd and two Watson businesses will grant Watson exclusive sales and distribution rights to Let It Fly Energy (Life), a US functional beverage brand owned by two time NBA Champion Mike Miller, currently with the Cleveland Cavaliers team.
The parties say the deal is worth an estimated US$100 million in revenue over the next three years.
Life, whose exclusive rights are held by MWFC HK Ltd, will be available for sale from July.
“AS Watson has almost 200 years of leading beverage experience in Asia,” Miller said in a statement.
“When my friend and business partner, Curt Flaitz, found this venture feasible, he brought it over to the Waters Group who then nurtured the deal. I was impressed by the magnitude of volume their groups negotiated. To have this happen with such an amazing team, in such a quick timeframe, is a real testament to AS Watson’s belief in Life and my team’s commitment to quality first expansion into Asia.”
AS Watson Group is Asia’s largest health & beauty retailer and under the group’s flagship brand Watsons, currently operates more than 4500 stores and more than 1200 pharmacies worldwide.
Life was launched in the US in 2010 when Miller was a member of the NBA Champions Miami Heat. The energy drink formula was created so Miller and his teammates could consume the beverages at practice and during games. The healthy formulas are geared towards athlete’s specific needs during times of recuperation and high performance game situations.