MYANMAR. Singapore Myanmar Investco Limited (SMI) has entered into an international area development agreement to set up and develop Coffee Bean & Tea Leaf (CBTL) in Myanmar.
CBTL is a US coffee chain and was founded by Herbert B. Hyman in 1963. It is owned and operated by International Coffee & Tea, LLC, which has its corporate headquarters in Los Angeles, California. As of 2017, the chain has over 1,000 self-owned and franchised stores in the USA and 31 other countries.
SMI secured the franchise rights to operate CBTL outlets at the new Yangon International Airport Terminal in 2016. It currently operates two outlets there, and SMI noted that both were performing well “with encouraging results”.
SMI subsidiary SMI Retail began duty free operations at Yangon International Airport in September 2016.
The CBTL brand is a key part of SMI’s food & beverage brand portfolio, which also includes Ippudo and Crystal Jade.
The first CBTL outlet in Myanmar is scheduled to open by the end of the first quarter of 2018.
“CBTL has strong brand and quality values that we intend to develop into a solid business foundation and loyal customer following in Myanmar,” said SMI President and Chief Executive Officer Mark Bedingham.
“Aligned with the growing consumer market in Myanmar, our local market knowledge and operational experience gives us confidence as we further entrench our F&B business presence in this frontier market.”
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