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DAVIDsTEA Inc. (NASDAQ:DTEA) ("DAVIDsTEA" or the "Company"), a leading tea merchant in North America, announced today an accelerated wholesale strategy, highlighted by an increased footprint within its store-in-store concept and the introduction of a new fully compostable, individually wrapped tea sachet format.
Since entering the wholesale market four years ago, DAVIDsTEA has gradually grown its presence at grocery stores, pharmacies and big-box locations to over 3,800 doors in Canada, including over 250 store-in-store configurations. Last year, the Company launched its innovative store-in-store retail concept at Rexall and has since added London Drugs and Neighbourly to the growing number of doors, while showcasing an expanded assortment of teas. As a result, DAVIDsTEA now offers a curated selection of over 40 tea flavours, including organic, premium Garden to Cup and flavourful wellness-driven teas, plus accessories, through these doors.
To supplement this growth, the Company unveiled a new tea sachet format in September 2022 throughout its wholesale channel. The individually wrapped and fully biodegradable sachets, featuring new compostable overwraps, provide added convenience for consumers, while the thoughtfully redesigned packaging with increased product information enhances visibility on store shelves.
"It's our mission to make tea accessible for everyone and one of the ways we accomplish this is by ensuring our products are readily available in local communities where tea lovers do the majority of their everyday shopping," said Sarah Segal, Chief Executive Officer and Chief Brand Officer, DAVIDsTEA. "Our individually wrapped tea sachets with all-new compostable overwraps not only demonstrate we continue to make the necessary investments in product development to grow the market for specialty teas and elevate our brand, but that we are dedicated to leading the tea industry by example when it comes to sustainability."
"Our wholesale expansion strategy is unfolding nicely with increases in the number of doors, wellness-driven assortments and display concepts throughout Canada. We believe the innovation DAVIDsTEA brings to this channel is refreshing to retailers, expected from our loyal customer base, and welcomed by new prospective customers," said Frank Zitella, President and Chief Financial and Operating Officer, DAVIDsTEA. "Our Organic Cold 911 offering, for example, will be featured throughout the Canadian Costco network again this fall. Bolstered by 250 store-in-store retail concepts across Canada, trailing twelve-month revenues for our wholesale channel increased 130% over the prior twelve-month period."
Posted In: DTEA
