Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced its strategic business plan to expand its business to selected overseas markets.
Since November 2018, the Company has opened 9 company-owned stores in Changsha, Xiangtan, Liuyang and Shaoyang in Hunan Province (including the grand opening of a new store on May 20, 2019). The Company advocates "Freshly made, low- calorie" eating habits, selling fresh, natural, delicious European style pastries, fruit teas and light meals. In conjunction with the store expansion, various marketing activities have attracted the attention of consumers, and the company's expansion in the domestic market progressed in an orderly manner.
In view of the enthusiasm in the growing Chinese consumers and consumers with appreciation for fresh oriental tea products in certain overseas markets, the Company has officially announced its plan to operate in selected overseas markets.
The first phase of the plan will focus on the North American market. The Company has signed a letter of intent with T-Zone Inc for cooperation. The Company anticipates to work with T-Zone Inc to integrate each other's resources, marketing and offline retail channels, management experience, production technology and brand advantages. At the same time, the Company aims to open its first flagship store in the United States.
The second phase of the plan is to explore the Southeast Asian market. Southeast Asia is an important destination for Chinese outbound travel. Many outbound Chinese travelers have also brought domestic consumption habits and Chinese tea culture to Southeast Asia. In addition to a large number of existing Chinese tourism consumers, we also believe there is great potential for our products to become attractive to local consumers.
Ms. Kan Lu, Chief Financial Officer of Urban Tea Inc., commented, "With a professional R&D lab and an experienced product development team, Urban Tea is well equipped to develop fresh and healthy foods that can meet local consumption preferences in designated overseas markets. Through the implementation of the overseas expansion plan, we expect to further expand brand awareness, promote the new Chinese-style tea culture, and promote the 'Freshly made, low- calorie' healthy eating concept."
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. For more information, please visit: www.h-n-myt.com.
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