100 New Locations by 2015
SINGAPORE--(BUSINESS WIRE)--Tully’s Coffee International (“TCI”), a Singapore based company, has entered into a Master License Agreement (“MLA”) with DK Retail Co., Ltd.(“DK Retail”), a South Korean corporation, to develop Tully’s retail stores in South Korea. The agreement calls for DK Retail to open 100 Tully’s retail store locations in South Korea over the next five years. The first store is scheduled to open in Seoul in March 2010.
“We have a high regard and respect for the Tully’s brand and product,” said Young Hun Cho, CEO of DK Retail. “We were overwhelmed by the atmosphere and passion that customers had for Tully’s upon our recent visit to the USA. We have a great appreciation and expectation for what we’re bringing to the gourmet coffee consumers in South Korea and are very excited to get the first store open.”
“As global markets expand and international consumers continue to demand high quality products, the opportunities for Tully’s continue to grow as well,” said Tom T. O’Keefe, Founder and Chairman of Tully’s and Managing Director of TCI. “We are excited and confident in the growth strategies set forth by DK Retail and excited about opening successful operations in South Korea. This is just the beginning of what we believe will be a major expansion of the Tully’s brand in Asia.”
TCI’s first master licensee was the Far East Organization (“FEO”). FEO is the largest private property developer and private residential landlord in Singapore. FEO is also the majority shareholder of Yeo Hiap Seng (Yeo’s), the Pepsi franchisee of Singapore. Its sister company is the Sino Land Group of Hong Kong. They currently operate 4 Tully’s retail store locations and 3 Quiznos locations in Singapore.
About DK Retail Co., Ltd.
DK Retail is a multifaceted real estate development company encompassing activities that range from construction to the selling & leasing of newly built apartments and improved parcels. DK Retail CEO Young Hun Cho, formerly the founder and CEO of Daekwang E&C Co. Ltd., a real estate development company based in Kyunggi, Korea, will be instrumental in the strategic positioning and dynamic expansion of the Tully’s brand in South Korea.
About Tully’s Coffee International
Tully’s Coffee International (“TCI”) is a Singapore company established to license Tully’s retail and wholesale activities throughout 30 countries in Asia, Australia and New Zealand TCI is a joint venture between Tully’s Coffee Asia Pacific (“TCAP”), a wholly owned subsidiary of TC Global, Inc. (“Tully’s”), and AFCM, a Singapore company. TCI seeks to develop the Tully’s brand through franchising and licensing activities, retail store operations, wholesale distribution and other business activities. Tully’s partner in this venture, AFCM, is an enterprise managed by the founder and former chief executive officer of Tully’s Coffee Japan.