Specialist US Tea Retailer Announces Agreement for International Expansion
Kuwait - September 2011: As part of the ongoing expansion of Alshaya’s portfolio of retail brands a new partnership with Teavana Holdings, Inc. (NYSE: TEA) was announced this September. The specialist tea retailer confirmed on 2 September that, through its wholly owned subsidiary, Teavana International, it had entered into a franchise development agreement with the Alshaya group of companies for the development of Teavana stores in Bahrain, Kuwait, the Kingdom of Saudi Arabia, Qatar, the United Arab Emirates, Egypt, Lebanon and Jordan. Teavana and Alshaya currently anticipate that the first store under this agreement will be opened in 2012.
Teavana is a specialty retailer offering more than 100 varieties of premium loose-leaf teas, authentic artisanal teawares and other tea-related merchandise. The company offers new tea enthusiasts and tea connoisseurs alike its ‘Heaven of Tea’ retail experience where passionate and knowledgeable ‘teaolgists’ engage and educate customers about the ritual and enjoyment of tea. The company’s mission is to establish Teavana as the most recognised and respected brand in the tea industry by expanding the culture of tea across the world.
“We are pleased to announce Teavana’s expansion into the Middle East and to extend the reach of our brand and distinctive store experience to this important region,” said Andrew Mack, Chairman and Chief Executive Officer of Teavana Holdings, Inc. “Extending Teavana’s reach beyond the US and Mexico is a key pillar of our overall growth strategy. We are thrilled that this entry into the Middle East will take place with Alshaya, a preeminent retailer in the Middle East who has successfully brought leading retail brands to the region.”
Mohammed Alshaya, the Executive Chairman of Alshaya's Retail Division, remarked, “We are delighted and excited to work with Teavana, and we believe there is a tremendous opportunity for us to develop the brand and to offer its unique store experience to our customers across the Middle East.”