Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced that it has fully advanced into the tea beverage industry.
After launching of its specialty tea business in October 2018, Urban Tea has made steady progress in deployment of its business plan by opening 8 stores in Changshao and Shaoyang in Hunan province, establishing professional product research and development division, storage warehouse and delivery team and promoting its brands.
Currently, Hunan MYT offers tea drinks, light meals, and pastries as its three lines of products. The tea drinks we offered include milk-covered tea, fresh fruit tea, fresh milk tea, as well as varieties of traditional tea, coffee and other beverages, emphasizing fashion, health, and quality, to attract trend seeking young consumers. Light meals include salads, sandwiches, tacos, pizza, pastas and other meals primarily drawing from French cuisine and other western cuisines, and emphasizes healthy meals and fresh ingredients. Pastries include sweet bread, Danish pastries, whole wheat bread, hard bread, toast, silk cake, mousse cake, cheese cake, and others. By focusing on health and nutrition, and using fresh, green, high-quality ingredients, we produce freshly baked pastries with the aim of becoming the "all-natural baker".
The Company has established a research and development center, hired a professional-level product research and development team with state-of-the-art equipment. We emphasize on seasonal product development, by selecting fresh fruits, seasonal tea, and in season grains. By offering seasonal menus we ensure fresh delivery to meet customers' health and dietary needs to cultivate customer loyalty.
The Company's product development team is comprised of the following members:
Director of Light Food R&D: Mr. Sanglin Xie:
Director of Beverage R&D: Mr. Runbo Yuan
Pastries R&D Director: Mr. Haibo Jiang
We currently operate our stores under three brands: "Buoyance Manor," "Your Ladyship Tea" and "Meet Honey." The "Buoyance Manor" brand mainly features bakery products and a variety of coffee drinks. "Your Ladyship Tea" stores provide specialty teas, such as fruit tea, milk tea, along with some light snacks. "Meet Honey" will be primarily for snacks and accessories, including peanut nougat gift boxes, cookies, coffee mugs, and tea cups.
Currently, we operate 8 stores in Hunan Province, including: Shaoyang You'a International Plaza Store (Buoyance Manor Flagship Store), Shaoyang Dongfeng Road Pedestrian Street Store (Buoyance Manor Image Store), Changsha Bailian Outlets (Buoyance Manor Image Store), Changsha Huitong Building (Buoyance Manor Image Store), Xiangtan Hotel Store (Buoyance Manor Image Store), Liuyang Industrial Park store (Buoyance Manor Image Shop), Changsha Desiqin Plaza store (Buoyance Manor Flagship Store), and Changsha Youyou Township Store (tea shop).
Miss. Kan Lu, Chief Financial Officer of Urban Tea Inc., commented, "Our professional operation and R&D teams have many years of industry experience. With strong emphasis on product development, we currently focus on creating operations that can be replicated and streamlined which will be leading the consumer trend in the industry. In 2019, we plan to expand to a total of 28 company owned stores. We also expect to accelerate our market growth through managed stores and JV stores starting from mid-2019. We desire to carefully deploy our tea business plan to reach our long-term strategic goal of becoming an industry leader in the specialty tea retail market."
About Urban Tea, Inc.
Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. We expect to start selling our products in our managed and JV stores in mid-2019.
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