Gong Cha fans rejoice! Unison Capital, the parent company of Gong Cha, has announced that the popular bubble tea chain will be returning to Singapore within the next several months. Here’s five things you should know.
1. Gong Cha was founded by Royal Tea Taiwan, which was recently sold to Gong Cha Korea, which in turned is owned by Japanese private equity firm Unison Capital. The Gong Cha franchise in Singapore was managed by RTG Holdings, which is helmed by Mr Rodney Tang.
2. Around end May, RTG Holdings announced that it would not be extending the Gong Cha contract with Unison Capital. This was due to restrictive clauses in the extension contract.
3. Instead, RTG would changing all their Gong Cha outlets into LiHO outlets. The new brand would continue selling bubble tea, with the addition of the signature LiHO cheese drinks.
4. In a surprise move a few days ago, Unison Capital announced that they would be bringing the Gong Cha brand back to Singapore soon. The private equity firm sees potential in the Singapore market, as the Singapore Gong Cha outlets were raking in about S$30 million revenue annually. This was a huge portion of Gong Cha’s global turnover, which stood at about S$96.6 million last year.
5. At the moment, Mr Tang (RTG owner) seems to be amicable about this move by Unison Capital. In an interview with The Straits Times, he wished Unison Capital “all the best making it as big as we did”.