Chagee, the fast-growing milk tea chain from Yunnan, China, filed for an IPO with the US Securities and Exchange Commission (SEC) on March 26, marking a significant step in its global expansion.
The company, known for its popular boba tea beverages, reported an impressive gross merchandise volume (GMV) of RMB 29.5 billion ($4.1 billion) in 2024, a 173% increase from the previous year.
Chagee’s aggressive expansion strategy has resulted in 6,440 stores operating worldwide by the fourth quarter of 2024, a surge of 83% from the previous year.
The company opened 1,087 stores in 2022, 3,511 in 2023, and plans to further accelerate its growth with 1,500 new stores set to open in 2025, including its first North American location in Los Angeles.
With a nearly threefold revenue increase from RMB 4.64 billion ($640 million) in 2023 to RMB 12.4 billion in 2024, Chagee’s rapid expansion is setting the stage for its continued success in the global market.
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