Loob to bring Tealive to China, eyes 500 outlets within 3 years

PETALING JAYA: Loob Holding Sdn Bhd, the creator of Malaysia’s Tealive bubble tea brand, today announced a joint venture with two China companies to bring 500 Tealive stores to China within three years.
The Malaysian company inked the deal with Zhejiang Boduo International Trade Co Ltd and Shanghai Panfei International Trade Co Ltd at a ceremony attended by retail and franchise industry officials as well as government representatives from Malaysia and China.
CEO Bryan Loo signed for Loob Holding, which will take a 51% majority stake in the joint venture known as Shanghai Loob Boduo Food and Beverage Co Ltd, subject to company registration approval by the relevant authorities in China.
Loo said 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,” Loo said.
China, the world’s largest tea market, will be the fourth overseas market for Tealive.
Loo said Tealive served 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.