Verite Retail Group, a retail arm of US-based Verite Capital Partners, is gearing up to develop and operate Village Tea Direct stores, a retail channel for Village Tea Company Distribution Inc, under a multi-year licensing agreement.
Under this collaboration, Verite Retail will open and operate more than 100 Village Tea Direct outlets across North America over the next five years.
The company will also re-develop and maintain an e-Commerce platform for the tea brand, which is expected to be aligned with Village Tea’s existing wholesale distribution strategy.
Verite Retail Group executive Don Jones said that the company is planning to adopt a fresh approach in tea retail industry through the launch of Village Tea.
"Village Tea Direct represents a unique opportunity for me to apply my 40+ years of retail industry experience to a new sector that is poised for tremendous growth over the next few years," added Jones.
Village Tea, meanwhile, stated that the launch timing for the new retail channel is ideal with $620m Starbucks acquisition of Teavana validating the surging growth for gourmet and boutique tea brands and retail outlets across the country.
Village Tea president and founder Martin Ekechukwu said, "With the recent announcements regarding our new relationships with DC Brands, Inc. ( HRDN ) and Premier Brands, Inc. (BRND ), our immediate goal is to increase the sales footprint of our current product line through existing channels of distribution while we constantly seek to expand the footprint of the brand with new and exciting opportunities."