Tealive China aiming for 500 stores
Malaysia’s Loob Holding has entered into a JV with two Chinese companies to introduce 500 Tealive China stores within three years.
It will take a 51 per cent majority stake in the venture, which will be known as Shanghai Loob Boduo Food and Beverage Co. Its partners are Zhejiang Boduo International (43 per cent) and Shanghai Panfei International Trade (6 per cent).
Boduo will contribute its strengths in supplying raw materials, warehousing, network and real estate, while Panfei will supply equipment.
Loob Holding CEO Bryan Loo says the first Tealive outlet will open in Shanghai in September before more stores are added in other cities. The world’s largest tea market, China will be the fourth overseas market for Tealive. Latest indicators estimate the market for tea in China has exceeded US$21 billion.
“Barely six months after the birth of Tealive, we took the brand to Vietnam and now have five outlets.
We open our first store in Australia next month, and just last month we appointed our master franchisee in India and are targeting 140 outlets within five years.”