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Tully's Coffee plans expansion into South Korea
Posted by Melissa Allison
Tully's Coffee is going to South Korea. Its joint venture with Asia Food Culture Management of Singapore has partnered with DK Retail of South Korea to develop the brand there.
DK Retail is obligated to develop 100 Tully's retail locations in South Korea over the next five years, according to a securities filing. That's important given the trouble Tully's ran into with UCC Ueshima Coffee, an earlier partner for Asian market expansion that Tully's said opened only one location for the brand.
Tully's had four international stores as of late September. Its international joint venture partner, Asia Food Culture Management, is managed by Kouta Matsuda, the executive who made Tully's a profitable enterprise in Japan and subsequently participated in the purchase of that business from Tully's. Matsuda also opened and closed Koots Green Tea shops in Bellevue and Seattle.
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