Chagee to widen retail footprint in Malaysia via joint venture with Magma Group
PETALING JAYA: Magma Group Bhd's wholly owned subsidiary, Magma Chain Management Sdn Bhd, has signed a strategic joint venture and a subscription agreement with Chagee (M) Sdn Bhd, a premium tea brand, to accelerate the development of Chagee's retail footprint across Malaysia through a phased retail rollout.
The joint venture marks a key milestone in Magma's diversification strategy in the premium food and beverage retail segment.
Chagee will hold a 60% stake and Magma the remaining 40% in the new joint venture company, Chagee Magma Sdn Bhd.
Chagee Magma aims to open up to 300 directly managed Chagee outlets across Malaysia over the next three years through a phased rollout, subject to prevailing market conditions.
Magma group managing director and group CEO Datuk Seri Thomas Liang Chee Fong said the joint venture reflects the company's strategic vision to diversify into high-growth lifestyle and consumer segments.
'The partnership leverages Chagee's proven operational excellence and strong consumer appeal, recently reinforced by its successful listing on Nasdaq, alongside Magma's deep expertise in local market development and execution.
'Together, we see substantial opportunities to capture significant value within Malaysia's expanding premium tea market,' he said in a statement.
The collaboration combines Chagee's established brand strength, global credibility and premium product offerings with Magma's local market insights and development expertise to jointly facilitate the rollout of new outlets.
Leveraging Magma's hospitality background and commercial presence in Malaysia, the partnership is well-positioned to accelerate Chagee's nationwide expansion and respond to growing demand for premium, lifestyle-oriented beverage experiences.
Further, the joint venture aligns with Magma Group's broader vision to build a diversified portfolio that meets the evolving lifestyle preferences of Malaysia's dynamic consumer base, driving sustainable long-term shareholder value.
Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly made tea beverages. It entered the Malaysian market in 2019 under the name BaWangChaJi, before unifying its global branding under the Chagee name in September 2021.
Today, Malaysia is Chagee's largest market outside of China, and its Malaysian operations are halal-certified by the Department of Islamic Development Malaysia.
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