Teavana is expanding its specialty tea retail concept to the Middle East.
Atlanta-based Teavana Holdings Inc., through its wholly owned subsidiary, Teavana International, entered into a 10-year franchise development agreement with M.H. Alshaya Co. The Alshaya group of companies will develop Teavana stores in Bahrain, Kuwait, Kingdom of Saudi Arabia, Qatar, United Arab Emirates, Egypt, Lebanon and Jordan. The first store is expected to open in fiscal 2012.
“Extending Teavana’s reach beyond the U.S. and Mexico is a key pillar of our overall growth strategy,” says Andrew Mack, chairman and CEO of Teavana Holdings. “We are thrilled that this entry into the Middle East will take place with Alshaya, a pre-eminent retailer in the Middle East who has successfully brought leading retail brands to the region.”
M.H. Alshaya Co. operates franchises of 55 of the world’s most recognized retail brands, including Starbucks, Pottery Barn and Pottery Barn Kids. The company operates 2,000 stores across seven divisions.
“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,” says Mohammed Alshaya, the executive chairman of Alshaya's retail division.
Here in the U.S. market, Teavana sells more than 100 varieties of premium loose-leaf teas, teawares and related merchandise through its 179 company-owned stores in 36 states and on its website.
Source: Teavana Holdings Inc.
