BreadTalk Group has partnered with Shenzhen Pindao Food & Beverage Management to bring new tea beverages to Singapore and Thailand via a new joint venture.
BreadTalk’s wholly-owned subsidiary, Together Inc, entered into a joint-venture agreement with Shenzhen Pindao Food & Beverage Management to incorporate BTG-Pindao Venture. Together Inc will hold a 90% stake of the JV, with Pindao holding the remaining 10%. Under the SG$3 million agreement, BTG-Pindao will operate and manage the popular tea beverage brands Nayuki (奈雪) and Tai Gai (台盖) in Singapore and Thailand, with a first right of refusal to operate in Malaysia, Indonesia, and the Philippines.
The first Tai Gai store outside China is slated to be launched in Q4 2018. While Tai Gai offers a novel way of appreciating tea, Nayuki brings a new café concept of premium tea creations complemented by European-inspired artisanal breads which have been the rage in China in recent years. Tai Gai first opened in China in July 2015 followed by Nayuki just five months later in November 2015.
Of this strategic alliance with Pindao, Henry Chu, BreadTalk Group CEO said, “The BreadTalk Group delights in bringing innovative F&B concepts to our consumers, and we have observed that there has been a growing demand for novelty tea beverages among younger consumers. With our extensive regional presence and strong operational track record, coupled with their innovative products and highly scalable business model, we are confident of scaling new heights and bringing unique experiences to our consumers in Singapore and Thailand.”
“It took us just three years to build both Nayuki and Tai Gai to the more than 100 stores currently in China, despite an landscape where international beverage chains were capturing the hearts of many young consumers, and the BreadTalk Group believed in our ambition to rejuvenate the tea-drinking culture by introducing new ways to appreciate it. Coupling the breadth and depth of the Group’s F&B knowledge and experience with its regional network, we believe this partnership will add indelible value to Pindao’s growth,” Zhao Lin, Pindao CEO, added.