Tealive to open 500 stores in China within three years
The Malaysian tea brand's expansion plan resulted from a joint venture with two Chinese companies.
500 Tealive stores are set to open in China within three years, the brand has announced.
Tealive owner Loob Holding Sdn Bhd entered into a joint venture with Zhejiang Boduo International Co Ltd (Boduo) and Shanghai Panfei International Trade Co Ltd (Panfei) in order to pursue the expansion.
As reported by The Star, Loob Holding will have a 51% majority stake in the joint venture, which will be known as Shanghai Loob Boduo Food and Beverage Co Ltd.
Boduo and Panfei, meanwhile, will hold 43% and 6% equities in the joint venture, respectively.
Loob Holding CEO Bryan Loo said the first Tealive outlet will be opened in Shanghai this coming September, adding that China will be their fourth overseas market for their brand.
