BreadTalk Group to bring new tea cafes to Singapore and Thailand
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BreadTalk Group has partnered with Shenzhen Pindao Food & Beverage Management to introduce tea beverages to Singapore and Thailand.
BreadTalk’s wholly owned subsidiary Together Inc and Shenzhen Pindao have formed a JV, BTG-Pindao Venture. Together Inc will hold a 90 per cent stake of the JV, with Pindao holding the balance. Under the S$3 million (US$2.2) agreement, BTG-Pindao will run and manage tea beverage brands Nayuki and Tai Gai in Singapore and Thailand, with a first right of refusal for Malaysia, Indonesia and the Philippines.
The first Tai Gai store outside China is slated to be launched late this year. While it offers a novel way of appreciating tea, Nayuki brings a new cafe concept of premium tea creations complemented by European-inspired artisanal breads. Tai Gai first opened in China in July 2015, followed four months later by Nayuki.
“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,” says Pindao CEO Zhao Lin.
Founded as a bakery brand in Singapore in 2000, BreadTalk has become an award-winning F&B group with bakery, restaurant and food-atrium footprints. With nearly 1000 retail stores across 17 territories, its brand portfolio comprises Bread Society, BreadTalk, Din Tai Fung, Food Republic, So, The Icing Room, Thye Moh Chan and Toast Box.
Questions & Answers
Q.What is the new joint venture company called and which entities are involved?
What is the new joint venture company called and which entities are involved?
The new joint venture company is named BTG-Pindao Venture. It was formed by BreadTalk's wholly owned subsidiary, Together Inc, and Shenzhen Pindao Food & Beverage Management. Together Inc holds a 90 per cent stake, with Pindao holding the remaining balance.
Q.Which tea brands will the new joint venture operate in Singapore and Thailand?
Which tea brands will the new joint venture operate in Singapore and Thailand?
The BTG-Pindao Venture will run and manage two tea beverage brands: Nayuki and Tai Gai. They also have a first right of refusal for expanding these brands into Malaysia, Indonesia, and the Philippines.
Q.What was the initial investment amount for this agreement to bring the tea cafes to new markets?
What was the initial investment amount for this agreement to bring the tea cafes to new markets?
The agreement is valued at S$3 million, which translates to approximately US$2.2 million. This investment facilitates the introduction of the Nayuki and Tai Gai tea beverage brands to Singapore and Thailand.
Q.How many stores do Nayuki and Tai Gai currently have in China according to the CEO of Pindao?
How many stores do Nayuki and Tai Gai currently have in China according to the CEO of Pindao?
According to Pindao CEO Zhao Lin, both Nayuki and Tai Gai have grown to more than 100 stores in China. This achievement took just three years, despite competition from international beverage chains in the market.
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