Born in Myanmar and raised in the U.K., Htet Myet Oo returned to his homeland in 2012, armed with an economics degree from City University of London. In 2014, at age 24, he launched the Rangoon Teahouse, specializing in traditional Burmese cuisine. Situated in Yangon’s colonial downtown district, the restaurant caters to middle-class locals, expats and tourists.
Htet, a member of our 2016 30 Under 30 list, started the business with $25,000 of his own money, which he earned importing secondhand Japanese cars into Myanmar. Breaking even since day one, RTH Group aims for 20% net profits. In 2016, private equity partner Anthem Asia joined as a minority investor to fuel local expansion. The dream: to take the concept abroad within three years. While he doesn’t rule out an IPO, he’s happy as an owner: “I love the restaurant business, I am a people person.”
Still, competition is tough. When Rangoon Teahouse opened its doors in 2014, downtown eateries were scarce. Today 15 restaurants and two five-star hotels operate nearby. “Yangon is a very competitive place,” Htet admits, noting that retaining customers and staff is a constant concern. “The market is still not big enough.”
Source: Forbes
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