Capital Teas, founded in 2007 by Peter and Manelle Martino, has announced its entry into the wholesale tea market.
This chain of eight stores has been adding to its retail presence over the past seven years, with a plan to open four new shops in 2014. In March they secured $5 million in private equity which is enabling them to double their Annapolis warehouse to 8,000 square feet. Now they are looking for their place in hotels and restaurants.
There are currently 40 hospitality clients on Capital Teas’roster, but this will be their first full-scale plan to pursue these markets. Dan Ritter, former General Manager at Teavana and Dealer Program Manager at Hoffman Media (parent company of Tea Time and Victoria magazines) will serve as Director of East Coast Wholesale Sales.
“Our anticipation is that wholesale sales will ultimately make up about 10 to 15% of total revenue, as we also remain committed to strong retail store growth and online sales growth,”Capital Teas CEO Peter Martino told World Tea News. “We’re motivated to build to this level on the wholesale side by both customer demand…and by our ability to increase national brand awareness of Capital Teas broadly through our new wholesale program.”
Martino expects total Capital Teas sales to reach $3 million this year.
For more information: The Washington Post
Photo: Dan Ritter, Capital Teas’new Director of East Coast Wholesale Sales