Esquires Coffee forms Joint Venture with China’s BuBuGao
Cooks Global Foods has signed a joint venture agreement with Shenzhen-listed retail and property giant BuBuGao (Better Life) Group (BBG) to develop 30 Esquires Coffee stores in the province of Hunan by 2020.
The joint venture cements China’s position as Esquires Coffee’s fastest growing territory, further advancing Cooks’ aspiration for Esquires Coffee to be operating 800 stores around the world by 2020.
Cooks Global Foods Executive Chairman Keith Jackson said: “We are delighted to have secured BBG as a partner in the Hunan province. The agreement is further endorsement of the potential for Esquires Coffee’s artisan style Organic and Fairtrade brand to grow rapidly in Chinese markets.
“The venture is a continuation of our strategy to drive growth in China by partnering with significant domestic businesses that can provide the resources, retail expertise and local knowledge that are pre-requisites for success in the region. These capabilities, coupled with a Chinese Esquires Coffee management team that understands how to translate the brand’s unique take on New Zealand café culture into domestic settings, gives us great confidence in the potential of the business to grow.”
BBG Chairman Tian Wang said: “With demand for branded coffee growing in China at rates that outstrip growth rates in the rest of the world, Esquires Coffee will fill an important part of the retail mix across our shopping centres.”
“Its Organic, Fairtrade and artisan positioning makes it an aspirational destination for a broad cross section of the population. We are confident the new venture will generate considerable value for the BuBuGao group.”