Loob Holding has tied up with venture capital firm Legend Ventures to launch its first Tealive outlet in Manchester, UK. The news comes shortly after Loob Holding is tipped to embark on an IPO in Malaysia that could potentially raise about RM300 million.
According to Samuel Chin, CEO of Legend Ventures, a second outlet will be launched later this year in London, which will function as its headquarters. London will act as a hub for its business dealings in the region. Also, a total of five outlets are expected to roll out during the first year of Tealive’s operations in the UK.
Chin added that the company looks forward to being “a good springboard” for Tealive’s brand journey into continental Europe with its business presence and understanding of the western market.
Bryan Loo, founder and CEO of Loob Holding said this launch is a “long-awaited achievement” that the company has worked towards since Tealive first started in Malaysia. He added that it is “a giant leap” for the company in mindset as a Malaysian brand breaking into Europe.
Last year, he told A+M in an interview that it plans to expand into six more countries in 2019 and have 1,000 stores in the region by 2020 through its direct and franchise model. To raise brand awareness, Loo said Tealive injects “innovative and exciting products” into the markets it’s operating in, be it for a limited time only or a long term basis. According to him, the company ultimately aims to build a unique brand positioning and create an emotional attachment to the brand.