Village Tea Company Distribution Inc, a specialty tea brand, has inked a multi-year license agreement with Verite Retail Group to develop and operate Village Tea branded retail stores in North America.
Under the agreement, Verite Retail will open more than 100 outlets over the next five years. In addition, the company will also re-introduce the brands e-Commerce site.
Together, the retail stores in various formats and the e-Commerce platform will create a dynamic direct to consumer experience to complement Village Tea's existing wholesale distribution strategy.
Village Tea CEO Janon Costley said that in any licensing partnership, a licensor seeks competent partners with proven ability to generate new revenue streams that would not have been otherwise realized by the licensor.
"In Verite Retail Group we know that we have selected partners who understand our brand, who share a like-minded vision and sensibility for the direction of our brand and who have the proven ability to properly articulate and execute the vision to give consumers the opportunity to participate in the Village Tea Company brand through a variety of unique retail environments," added Costley.
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."
