Urban Tea Inc., a retailer of specialty tea and baked goods in China, announced its strategic business plan this week to expand its business to selected overseas markets.
"The first phase of the plan will focus on the North American market," according to a statement from the company. It aims to open its first flagship store in the United States.
The second phase of the plan is to explore the Southeast Asian market, it said. As many outbound Chinese tourists would bring domestic consumption habits and Chinese tea culture to Southeast Asia, an important destination for Chinese outbound travel, the company believes there is great potential for its products in the area.
"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," said Kan Lu, chief financial officer of the company, which was listed in Nasdaq under the ticker symbol of "MYT".
Based in Changsha, central China's Hunan Province, the company markets a wide range of trendy tea drinks, light meals and pastries targeting the new urban generation.
Since November 2018, it has opened nine company-owned stores in the province.