Loob Holding Sdn Bhd, the creator of Malaysia’s Tealive bubble tea brand, announces a joint-venture with two Chinese companies, Zhejiang Boduo International Trade Co. Ltd and Shanghai Panfei International Trade Co. Ltd to bring 500 Tealive stores to China within three years.
CEO Bryan Loo signed for Loob Holding which will take a 51% majority stake in the joint-venture which will be known as Shanghai Loob Boduo Food and Beverage Co. Ltd, subject to company registration approval by the relevant authorities in China.
Signing for the China partners were their Executive Directors, Yu Tong for Zhejiang Boduo International Trade and Pan Junfei, for Shanghai Panfei International Trade.
Loo says the joint-venture would see the first Tealive outlet opening in Shanghai this September before more stores being opened in other selected cities. He expressed confidence that the joint-venture would be able to achieve the targeted 500 stores in three years.
“Barely six months after the birth of Tealive, we took the brand to Vietnam and we now have five outlets. We have penetrated the Australian market with our first store there next month. Just last month, we appointed our Master Franchisee in India and we are targeting 140 outlets within five years. Once again, Loob has achieved a breakthrough being the first Malaysian bubble tea brand to enter India,” Loo says.
Noting that China, the world’s largest tea market, will be the fourth overseas market for Tealive, Loo said this augured well for the progress of Loob’s Breakthrough campaign where the brand encouraged Tealive lovers to always push the boundaries and achieve breakthrough results in all their endeavours.
Loo said Tealive serves 2.5 million consumers each month in its 175 outlets and the brand was still expanding every week. On prospects in China, Loo said latest indicators were that the market for tea in China had now exceeded US$21 billion per year.
