The Canadian company DavidsTea Inc. (NASDAQ:DTEA) began to trade on the Nasdaq stock exchange on Friday. The stock of the company impressively climbed 42% to $27 a share. People in North America appreciate a well made Tea and we can feel it from the figures stated above.
The investors are quite excited to fund the Canadian company DavidsTea, which was founded in 2008 and operates 136 stores in Canada and 25 stores in the US. More stores are supposed to open throughout the world soon.
America is usually thought to be a coffee consuming nation, but the market for tea is also huge in the United States. According to the Tea Association of America, over 200 million cups of tea are consumed each day. Moreover, 87 % of the Millennials drink tea.
Starbucks specializes in coffees, but it has also jumped into the tea market. Starbucks is a well known brand throughout the world and it knows the potential of the tea market in the US. The coffee giant took over the Teavana store chain in the year 2012 and is very hopeful of the growth of the tea market in the US and abroad.
According to the CEO of DavidsTea Sylvain Tourant, “It’s a multi-occasion type of beverage, we see people buying it in the evening because it’s good to relax… On the other side, I take jumpy monkey every morning. It’s a good kick start.”
DavidsTea offers 150 different varieties of tea. The favorites among the customers include the likes of Pom Tango, fruity black tea for the summers and Matcha Matsu, which is basically a green tea that is quite popular with the health conscious people.
Sylvain Tourant showcased a tea named “the skinny” while doing the IPO roadshow on the Wall street. It was a great hit among the tea fans. This tea is described by the company as “oolong tea made with pu’erh, ginger and ginseng that speeds up your metabolism and blocks fat absorption after a heavy meal.”