The Chinese time-honored tea leaf brand Beijing Wu Yutai Tea Company Limited has signed a cooperation agreement of intent with a Hong Kong company to implement a complete investigation and planning for its development and chain store expansion in Hong Kong.
A representative from Wu Yutai introduced that based on Wu Yutai's large sales and brand influence on the Chinese mainland, the two parties will establish diversified industry models that can satisfy consumer groups of all levels. They will first set up Wu Yutai's Hong Kong flagship shop, a modern teahouse with the themes of tea culture. The featured shop will be located in the prosperous Tsim Sha Tsui area in Hong Kong, with an estimated investment of CNY10 million.
Sticking to chain development, Wu Yutai now has over 230 tea leaf shops on the Chinese mainland. At the same time, it establishes high-end restaurants that focus on the tea culture, tea health research, and cuisines made of tea. In the Hong Kong market, Wu Yutai will take advantage of two major channels, food and beverage and rapid consumption, to increase its profit points, gain revenue, and promote its brand.
Sun Danwei, general manager for Wu Yutai, revealed that over the next six to 12 months, Wu Yutai and its Hong Kong partner will implement an in-depth market investigation and analysis to make an investment and expansion plan, and formulate a formal cooperation agreement. In 2011, Wu Yutai will start its first step into the Hong Kong market.