BreadTalk Group to introduce two tea beverage brands in Singapore and Thailand
They will do this through a joint venture with Shenzhen Pindao.
Tea beverages brands Nayuki and Tai Gai will soon make its way outside China following an announced partnership with BreadTalk’s wholly owned subsidiary Together Inc. and Shenzhen Pindao.
Under the S$3 million (US$2.2) agreement, BTG-Pindao will run and manage the two tea beverage brands in Singapore and Thailand, with a first right of refusal for Malaysia, Indonesia and the Philippines. Together Inc. will hold a 90% stake of the joint venture, with Pindao holding the balance.
First opening in China in July 2015, the first Tai Gai store outside China is slated to be launched late this year. Nayuki, meanwhile, is a cafe concept of premium tea creations complemented by European-inspired artisanal breads.
“It took us just three years to build both Nayuki and Tai Gai to more than 100 stores in China, despite a landscape where international beverage chains were capturing the hearts of many young consumers,” Pindao CEO Zhao Lin said.
Founded as a bakery brand in Singapore in 2000, the Breadtalk Group currently has nearly 1000 retail stores across 17 territories, with its brand portfolio including Bread Society, Din Tai Fung, Food Republic, So, The Icing Room, Thye Moh Chan and Toast Box.
(Photo credit: BreadTalk)
