Hot&Cold's ordering counter - Photo: H&C
This information was announced in a letter that the milk tea company sent to customers.
Launched in 2011, Hot&Cold quickly became a familiar name in Ho Chi Minh City with the slogan: "Immense toppings - Strongly flavored tea". The brand stands out with its milk tea model combined with skewers, a suitable space for young people, students to study, chat and date.
From a small shop, the Hot&Cold team has grown to more than 65 branches nationwide, at one point more than 80 branches. According to self-published figures, the company has "served billions of cups of milk tea".
Immediately after the announcement of the closure, many consumers, especially the 9X generation, expressed regret.
For them, Hot&Cold is not just a milk tea shop, but also a part of the memories associated with their youth, especially in the period 2015-2016, when drinking milk tea had not yet become a popular habit like it is today.
Customer Ruby Pham commented: "Don't shop. Just reopen one store so I can buy, if you close everything, I'll lose a good place to drink milk tea."
Kim Hang, a customer of the 9X generation, commented that Hot&Cold is a rare milk tea brand with a rich, fatty tea flavor that she likes.
"It's sad, familiar things gradually change and disappear," Hang regretted.
Customers express regret when Hot&Cold company announces to stop operating - Screenshot
Mr. Brian Dang, co-founder of UPWings - F&B Section, likened Hot&Cold to a "milk tea monument" in Ho Chi Minh City. He recounted his first experience drinking milk tea here about 14 years ago, when the market only had names like Hoa Huong Duong, Alo Tra or -18 Do. What impressed him was the brand identity and outstanding packaging of Hot&Cold at that time.
However, the milk tea market then entered a period of fierce competition with the appearance of many "big names" such as Gong Cha, Koi Thé, R&B, Heekca, Royal Tea, Phuc Long...
Customers are increasingly interested in the experience, origin of tea and brand. Over time, drinking milk tea has become a popular habit, especially for office workers in Ho Chi Minh City, who work while sipping tea and enjoying toppings.
Mr. Brian Dang believes that the closure of Hot&Cold is regrettable, but also an opportunity for the brand to restructure and return with a new look. "Hopefully, there will be a new version of Hot&Cold in the future after the announcement of the current version's farewell," Mr. Brian Dang hopes.
Users are reducing spending on "50K milk tea"
According to a report from iPOS, the total revenue of the beverage industry in 2024 will reach more than 118,000 billion VND, equivalent to more than 323 billion VND per day (the highest level since 2018). However, the growth momentum no longer comes from high-end products as before, but mainly from the popular segment.
A survey of nearly 4,500 consumers in Hanoi and Ho Chi Minh City showed that users are reducing spending on coffee and milk tea priced from 35,000 - 50,000 VND/time, instead there is a strong increase in the spending group at 21,000 - 35,000 VND, accounting for 40% in 2024.
The segment from 70,000 VND and above recorded a clear decline, with only 5.1% of consumers willing to pay, down sharply from 7.3% last year. This partly explains why many milk tea and high-priced beverage brands have to increase promotions.
Source: https://tuoitre.vn/hang-tra-sua-noi-tieng-o-tp-hcm-14-nam-tuoi-sap-ngung-hoat-dong-20250601092826049.htm
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