South Korean media: Chinese milk tea is beginning to enter South Korea!
On September 27, the South Korean media "Gukmin Daily" published an article stating that Chinese milk tea brands are rapidly entering South Korea, known as the "coffee republic." With the domestic beverage market competition becoming saturated, major brands are turning their attention to the South Korean market, seeking new growth engines.
In its recent semi-annual report, Teabucks announced that its business has expanded to eight countries and regions including South Korea, Singapore, and Spain. Teabucks opened its first store in Seoul's Gangnam district in January of last year, and this year expanded its business to Hongdae and opened a store in Jeju Island.
Mixue Bingcheng, known as the top brand in China, is also actively capturing the South Korean market. It has opened more than ten stores in major university areas such as Hongdae in Seoul. As of the end of June this year, besides mainland China (about 48,000 stores), Mixue Bingcheng has also opened 4,733 stores overseas, continuing its aggressive expansion.
The representative Chinese milk tea brand Heytea also entered the South Korean market in February of last year, entering core commercial areas such as Gangnam and Myeongdong in Seoul. Currently, Heytea has entered 28 cities in eight countries, mainly in developed countries such as the United States, the United Kingdom, Australia, Canada, and Japan. The number of overseas stores has increased sixfold within a short year, exceeding 100. The U.S. market has about 30 stores, including New York, the most among Chinese milk tea brands.
The Chinese brand Baowang Cha Ji has also officially announced its entry into the South Korean market. It established a South Korean subsidiary called "Baowang Cha Ji Korea Co., Ltd." in mid-July. In March, Baowang Cha Ji opened its Korean Instagram account, officially announcing its entry into the South Korean market. In April, Baowang Cha Ji became the first Chinese milk tea brand to list on the NASDAQ.
Behind the wave of Chinese brands going global lies the fierce competition in the domestic market. The number of stores in China for brands including Teabucks (8,444 stores), Baowang Cha Ji (6,830 stores), and Heytea (over 4,000 stores) is approaching saturation. Therefore, these companies are seeking new opportunities in South Korea, Japan, Southeast Asia, and the United States.
Original: www.toutiao.com/article/1844412304677900/
Statement: This article represents the views of the author.