Ten Ren's Tea to close all 24 outlets in Vietnam
The Taiwanese tea chain once planned to have 40 stores in the country by end-2018.
Ten Ren's Tea will cease trading in Vietnam not later than mid-August due to an “incompatible” business model, its official Vietnamese franchisee announced.
“As outcomes of our Ten Ren's Tea business have not been up to expectations, we will cease operations of this franchise and refine our strategy for the market,” VN Coffee Tea Service Trading Corporation, which also operates The Coffee House, said in a statement.
The closing of all 24 Ten Ren's Tea stores in the country began on 15 July, with 15 August being the last day of the chain’s operations in Vietnam.
Founded in 1953, Ten Ren's Tea is considered to be the largest tea manufacturer in Taiwan and has over 2,000 stores at home and in China, Vietnam, the Philippines, Indonesia, Australia and North America. The brand started out as a retailer of traditional tea but has branched out into bubble tea in recent years.
The first Ten Ren's Tea store in Vietnam was opened in November 2017 in Ho Chi Minh City during a bubble tea craze in the Southeast Asian country. The Coffee House said at the launch of its first Ten Ren's Tea outlet that it looked to open 40 stores by the end of 2018.
