Yummy Town Holdings Corp (雅茗天地), which operates three bubble tea brands in China, is set to file an application to list on Taiwan’s GRETAI over-the-counter securities market in the second half of this year, following the launch of its first tea stand under the Happy Lemon (快樂檸檬) brand name in Taipei at the end of June.
The group, which opened its second Happy Lemon outlet on Taipei’s Nanjing W Road (南京西路), is set to open 10 to 15 direct selling stands in Taiwan by the end of this year, with a focus in the north of the country.
“We remain optimistic about business in Taiwan, as sales at the first Happy Lemon tea stand have generated stronger momentum than expected since its launch at the end of June,” brand general manager Alan Li (李志成) told reporters ahead of the launch ceremony for its second Taipei outlet.
Yummy Town, which is registered in the Cayman Islands with NT$250 million (US$8.3 million) in capital, currently runs around 450 tea outlets in China, Hong Kong, Singapore, Thailand, the Philippines, Canada and Australia, under three distinctive brands — R.B.T. Tea Cafe (仙蹤林), Happy Lemon and Freshtea.
The group is set to list the company on the GRETAI Securities Market in a bid to build brand awareness, aiming to file an application in the second half of this year.
Eyeing the potential in Taiwan’s bubble tea market, Yummy Town is also accelerating the pace of its expansion in Taiwan, led by Happy Lemon — which currently has around 350 outlets worldwide.
The expansion in Taiwan will create a number of jobs, with the group set to pay employees at least NT$30,000 a month and NT$40,000 to senior store managers.