CHAGEE Ramps Up International Push, Launches in the Philippines.

CHAGEE Enters Philippines, Reports Strong Global Growth in Q2 2024

Popular Chinese tea brand CHAGEE launched in the Philippines on August 29 by opening three new stores. The company also announced strong financial results for the second quarter (Q2) of 2024, showing rapid growth in China and internationally.

Successful Launch in the Philippines

CHAGEE opened its first three stores in prime locations in Metro Manila: SM North EDSA, Robinsons Galleria, and Venice Grand Canal Mall.

The launch was a huge success. Within the first three days, the new stores sold over 23,000 drinks. The Philippines is the seventh international market that CHAGEE has entered, marking another step in its global expansion.

Strong Q2 2024 Financial Performance

On August 29, CHAGEE released its latest financial report, showing impressive growth. As of June 30, 2024, the company’s key results for Q2 were:

• Global Store Count: 7,038
• Total GMV (Gross Merchandise Volume): ¥8.1 billion, up 15.5%
• Net Revenue: ¥3.33 billion, up 10.2%
• Adjusted Net Profit: ¥629.8 million
• Registered Members: Over 206 million

Rapid Growth in International Markets

CHAGEE’s international business is quickly becoming a major growth driver.

• Overseas GMV Growth: Overseas sales reached ¥235.2 million in Q2, a massive 77.4% increase from last year and a 31.8% increase from the previous quarter.
• International Store Count: As of June 30, CHAGEE had 208 stores outside of mainland China. This includes locations in Malaysia (178), Singapore (16), Indonesia (8), Thailand (5), and the United States (1).
• Recent Expansion: In the first half of 2024, CHAGEE opened 52 new international stores.

Successful Openings in New Countries

CHAGEE’s recent store launches in new markets have been very successful:

• Indonesia: The first store opened in Jakarta on April 11. It sold over 10,000 drinks in the first three days and added more than 30,000 new members. The new Indonesian stores averaged over 2,000 drinks sold per day in April.
• Thailand: Daily sales in Thailand increased by 54% after the official opening. The brand registered nearly 15,000 new members in the first three days.
• United States: The first North American store opened in Los Angeles on May 11. It sold over 5,000 drinks on its first day. A second U.S. store began a soft opening in August.

New Leadership to Drive North American Expansion

To support its growth in North America, CHAGEE has hired a new management team:

• Emily Chang has been appointed as the Chief Commercial Officer for North America. She has held senior roles at Starbucks China, InterContinental Hotels Group, and McCann Worldgroup China.
• Aaron Harris joins as the Chief Development Officer for North America.

This new team will lead CHAGEE’s next expansion phase in the United States and Canada.