DavidsTea

DavidsTea (often stylized as DAVIDsTEA) (in French Les Thés DavidsTea) is a Canadian specialty tea and tea accessory retailer based in Montreal, Quebec.[2] 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.

DavidsTea
Public
Traded asNASDAQ: DTEA
FoundedMontreal, Quebec, Canada (2008)
FoundersDavid Segal
Herschel Segal
HeadquartersMontreal, Quebec, Canada
Number of locations
Over 240
Area served
Canada, United States
Key people
  • Herschel Segal (Executive chairman and interim CEO)
  • Frank Zitella (COO/CFO)
  • Sarah Segal (CBO)
ProductsLoose-leaf tea, tea bags
Revenue41.2 million (2019)[1]
Websitedavidstea.com

The company now offers stores in over 240 locations throughout Canada and the United States.[3]

History

In 2008, David Segal and his cousin Herschel Segal founded DavidsTea's headquarters and main offices in Montreal, but opened its first store on Queen Street in Toronto the same year,[2] followed by its first Montreal store, in 2009.[4] 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[5] expanded the company, by 2012, to more than 75 stores across North America, with over 150 varieties of tea.[6]

The company conducted an initial public offering in the United States in June 2015, the proposed NASDAQ stock symbol being DTEA.[7][8]

In 2013, former talkshow host Oprah Winfrey surprised the small company by promoting the brand in live shows, and later in O, The Oprah Magazine.[9]

In March 2016, co-founder David Segal resigned from DavidsTea.[10]

On May 24, 2016, Christine Bullen was appointed managing director of U.S. markets.[11] On December 8, 2016, Bullen was named interim president and CEO, effective February 1, 2017.[12]

On March 13, 2017, DavidsTea appointed Joel Silver as president and chief executive officer.[13] On June 14, 2018, Silver resigned as chief executive after the company’s shareholders voted to elect a new group of directors to the company's board, including Herschel Segal, one of the company's original founders.[14]

In August 2018, DavidsTea announced plans to sell tea bags of their best-selling blends at Loblaw locations across Canada.[15]

In June 2020, DavidsTea announced that it has not paid rent at any of its store locations for three months as all its stores have been closed since March 17 due to the COVID-19 pandemic. It also indicated that it may pursue a formal restructuring.[16]

References
  1. http://ir.davidstea.com/news-releases/news-release-details/davidstea-reports-fourth-quarter-and-full-year-fiscal-2019
  2. "DavidsTea | About Us". Archived from the original on May 12, 2014. Retrieved May 8, 2014.
  3. "DAVIDsTEA - Our Story: The DAVIDsTEA Experience". DavidsTea. Retrieved July 14, 2018.
  4. Budak, Jasmine (June 8, 2011). "Steeped in success". Canadian Business.
  5. "From Starbucks to DavidsTea: Why big business is betting on Tea". CBC Radio.
  6. "The DavidTtea experience". DavidsTea. Archived from the original on September 9, 2017. Retrieved January 19, 2016.
  7. Schultz, Clark (June 5, 2015). "DAVIDsTEA pops on IPO open". Seeking Alpha.
  8. Schultz, Clark (April 7, 2015). "David's Tea files for U.S. IPO". Seeking Alpha.
  9. Bryan-Baynes, Elysia (April 12, 2013). "Montreal tea company gets plug from Oprah". Global News.
  10. Shaw, Hollie (March 21, 2016). "DavidsTea co-founder, namesake, David Segal resigns as chain's brand ambassador". Financial Post.
  11. "DAVIDsTEA Inc. Appoints Managing Director for U.S. Market and Opens 200th Store in North America". GlobeNewswire News Room. Retrieved January 10, 2018.
  12. "BRIEF-DAVIDsTEA appoints Joel Silver as president and CEO". Reuters. 2017. Retrieved January 10, 2018.
  13. "Release". March 13, 2017.
  14. Marowits, Ross (June 14, 2018). "DavidsTea founder wrests control of retailer, pledges path to profitability". Financial Post.
  15. "DavidsTea is coming soon to Loblaw grocery store shelves". Daily Hive Toronto. August 15, 2018. Retrieved August 17, 2018.
  16. https://www.ctvnews.ca/business/davidstea-inc-may-pursue-formal-restructure-hasn-t-paid-rent-in-three-months-1.4985330
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