After overcoming the pandemic crisis thanks to online sales, the Tea Shop chain wants to strengthen its physical presence in the markets where it is already present: Spain, Portugal, Italy and Brazil.
The Barcelona chain specializing in loose tea has just set up a subsidiary in which it plans to give entry to a partner who contributes two million euros. “We need this financing to carry out an ambitious growth plan in the countries where we already operate. We plan to continue opening our own stores and franchises, but we also want to launch new sales formats. We contemplate opening kiosks in large stores, such as El Corte Inglés, and also entering gourmet supermarket chains through packaged products. In addition, we are collaborating with brands such as Torrons Vicens, Textura or Adolfo Domínguez”, says Joaquín María López, general manager of the business, founded in 1990 by the Swedish businessman Per Sundmalm.
Since the first opening in the Gràcia neighborhood – the store was one of the pioneers in the sale of loose tea – the company has expanded throughout southern Europe and also in Brazil and Argentina. Currently, it has a network of 108 physical stores, of which more than half operate under the franchise system. Likewise, the company has two online stores, which made it possible to resist the closures of physical commerce imposed during the pandemic. Today they account for 7% of total sales.
“We have resisted well and last May we closed the fiscal year exceeding 20 million euros in income, 14% more than in the previous year,” says López, who indicates that this year the company expects to grow around 10%.
As for the workers, the team has increased to 215 people, taking into account only the personnel who work in the company’s own stores and the central headquarters, located in Barcelona. The company, which has just opened a logistics center in the city, buys loose tea from a network of Asian and European suppliers. As a novelty, it has just closed a distribution agreement with the Japanese firm Maruyama, a benchmark in the specialty of matcha tea.
In terms of ownership, the business remains in the hands of its founder Per Sundmalm, who holds 90% of the capital, while the financial director, Jesús Velasco, controls 10%. Soon, the company hopes to welcome an external partner that will allow it to step on the accelerator. Tea Shop trusts in the pull of tea consumption among the population of southern Europe and Brazil, countries with a long coffee tradition.
