DavidsTea

DavidsTea
Public
Traded as NASDAQ: DTEA
Founded Toronto, Ontario, Canada (2008)
Founders David Segal
Herschel Segal
Headquarters Montreal, Quebec, Canada
Number of locations
 Over 240
Area served
 Canada, United States
Key people
 Herschel Segal (Executive Chairman and Interim CEO)
Howard Tafler (CFO)
Products Loose-leaf tea, tea bags
Website davidstea.com

DavidsTea (often stylized as DAVIDsTEA) (in French Les Thés DavidsTea) is a Canadian specialty tea and tea accessory retailer based in Montreal, Quebec.[1] It is the largest Canadian-based specialty tea boutique in the country. Following the company's initial public offering, common stock began trading on the NASDAQ Global Market on June 5, 2015.

The company now offers stores in over 240 locations throughout Canada and the United States.[2]

History

In 2008, David Segal and his cousin Herschel Segal founded DavidsTea in Montreal, and opened its first store on Queen Street in Toronto the same year,[1] followed by its first Montreal store, in 2009.[3] In 2010, the company had stores located across Canada, opening its 50th store in Waterloo, Ontario in 2011 and, that November, opened its first store outside of Canada, in New York City. A growing boutique tea industry[4] expanded the company, by 2012, to more than 75 stores across North America, with over 150 varieties of tea.[5]

The company conducted an initial public offering in the United States in June 2015, the proposed NASDAQ stock symbol being DTEA.[6][7]

In 2013, former talkshow host Oprah Winfrey surprised the small company by promoting the brand[8] in live shows, and later in O, The Oprah Magazine.

In March 2016, co-founder David Segal resigned from DavidsTea.[9]

On May 24, 2016, Christine Bullen was appointed Managing Director of U.S. Markets.[10] On December 8, 2016, Bullen was named Interim President and CEO, effective February 1, 2017.[11]

On March 13, 2017, DavidsTea appointed Joel Silver as President and Chief Executive Officer [12]

On June 14, 2018, Joel Silver resigned as chief executive after the company’s shareholders voted to elect a new slate of directors to the company's board, including Herschel Segal, one of the company's original founders.[13]

In August 2018, DavidsTea announced plans to sell tea bags of their best selling blends at Loblaw locations across Canada.[14]

References

  1. 1 2 DavidsTea | About Us
  2. ↑ "DAVIDsTEA - Our Story: The DAVIDsTEA Experience". DavidsTea. Retrieved 14 July 2018.
  3. ↑ Budak, Jasmine (8 June 2011). "Steeped in success". Canadian Business.
  4. ↑ "From Starbucks to DavidsTea: Why big business is betting on Tea". CBC Radio.
  5. ↑ "The DavidTtea experience". DavidsTea. Retrieved 19 January 2016.
  6. ↑ Schultz, Clark (5 June 2015). "DAVIDsTEA pops on IPO open". Seeking Alpha.
  7. ↑ Schultz, Clark (7 April 2015). "David's Tea files for U.S. IPO". Seeking Alpha.
  8. ↑ Bryan-Baynes, Elysia (12 April 2013). "Montreal tea company gets plug from Oprah". Global News.
  9. ↑ Shaw, Hollie (21 March 2016). "DavidsTea co-founder, namesake, David Segal resigns as chain's brand ambassador". Financial Post.
  10. ↑ "DAVIDsTEA Inc. Appoints Managing Director for U.S. Market and Opens 200th Store in North America". GlobeNewswire News Room. Retrieved 10 January 2018.
  11. ↑ "BRIEF-DAVIDsTEA appoints Joel Silver as president and CEO". Reuters. 2017. Retrieved 10 January 2018.
  12. ↑ "Release". 13 March 2017.
  13. ↑ Marowits, Ross (14 June 2018). "DavidsTea founder wrests control of retailer, pledges path to profitability". Financial Post.
  14. ↑ "DavidsTea is coming soon to Loblaw grocery store shelves". Daily Hive Toronto. 15 August 2018. Retrieved 17 August 2018.
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