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[THE INVESTOR] Gong Cha Korea, a milk tea-specialized franchise, announced on Oct. 12 that it will increase its stake in parent company Royal Tea Taiwan to 70 percent.
Gong Cha Korea signed memorandum of understanding with RTT shareholders this April to this effect. The Korean branch acquired 35 percent stake in July and will secure another 35 percent by January 2017.
The remaining 30 percent stake will continue to be held by existing shareholders in Taiwan including RTT owners.
Gong Cha Korea signed memorandum of understanding with RTT shareholders this April to this effect. The Korean branch acquired 35 percent stake in July and will secure another 35 percent by January 2017.
The remaining 30 percent stake will continue to be held by existing shareholders in Taiwan including RTT owners.
Gong Cha’s first Taipei store was established in 2006 and was a huge success with its signature bubble tea. The franchise in Korea launched its first store in Hongdae and saw rapid growth, opening 360 stores in two years. Former CEO Kim Yeo-jin brought the Taiwanese tea store into Korea in 2012 through a master franchise contract. It is now owned by Japan-based private equity fund Unison Capital.
Once the acquisition is completed, a Korean local branch will acquire RTT’s 1,380 stores across 18 countries. Gong Cha Korea will become a global brand with 1,100 stores, striving to enter into untapped markets worldwide.
By Yun Jeong-hyeon (clareyun@heraldcorp.com)
