Coffeehouse chain to enter country in agreement with South Korean retailer E-Land
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Coffee Bean & Tea Leaf plans to open more than 700 units in China as part of an exclusive area development agreement with South Korean retailer E-Land, the company said Monday.
The Los Angeles-based chain already has a strong presence across Asia, but the new partnership will bring the brand into China for the first time, a region where competitor Starbucks Corp. already has a solid foothold, with more than 1,700 units.
E-Land operates more than 7,000 retail fashion outlets in China, and its restaurant portfolio includes more than 20 brands. The company’s first Coffee Bean location is scheduled to open in the fourth quarter.
“Introducing our iconic brand to the Chinese market signifies a huge milestone for us,” said Jeff Schroeder, Coffee Bean senior vice president of operations. “Known for its rich and storied tea history, we are excited to lend a hand in shaping a lasting, high-quality coffee culture with Chinese tastes in mind.”
Coffee Bean has more than 1,000 units in 28 countries, including the planned entry into China. Earlier this year, the chain opened its first units in Japan.
In 2013, the coffeehouse chain was acquired by Advent International, along with Hong Kong-based firms CDIB Capital and Mirae Asset Private Equity, with the goal of accelerating growth in Asia.
Earlier this year, the company named Andrew Nathan to the newly created role of senior vice president of the Asia Pacific region, replacing Victor Sassoon, who stepped down as CEO of Asia Pacific for Coffee Bean.
Sassoon, who remains on the Coffee Bean board of directors, was one of the chain’s first franchisees in Singapore and Malaysia, along with members of his family. The family later bought the company and built it into a global business.
Contact Lisa Jennings at [email protected].
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