Village Tea Company Distribution Inc has entered into multi-year licensing agreement with Verite Retail Group (VRG) to develop and operate more than 100 retail stores for its Village Tea Company brand across North America.
As part of the agreement, VRG plans to open and operate retail stores in various formats in the next five years. VRG will also re-launch and manage a new direct-to-consumer e-Commerce platform for the tea brand.
This e-Commerce platform will complement Village Tea's existing wholesale distribution strategy.
VRG, a division of minority owned private equity firm of Verite Capital Partners, is managed by retail industry executive Don Jones and his partner and investment banker Lynda Davey.
Village Tea Company Distribution Inc CEO Janon Costley said: "Both Don and Lynda bring a wealth of retail industry experience, knowledge and resources to the table and we feel extremely honored that they have selected our brand to launch their new retail and consumer products operating division."
Jones said: "Our goal is to introduce a fresh approach to 'Tea' retail, by introducing Village Tea's unexpected flavor combinations to the new 'urban' retail landscape by combining a raw, organic, communal design sensibility with a younger, hip look and feel to create an everyday escape for tea lovers."
Village Tea president and founder Martin Ekechukwu said: "We will continue to develop a platform that will properly position the company for exponential growth over the course of the next several years."
