DAVIDsTEA Inc. (TSX-Venture: DTEA) (“DAVIDsTEA” or the “Company”) announces with deep sadness the passing of its founder Herschel Segal in Montreal, Québec on Tuesday, May 6, 2025.

Herschel Segal was a pioneering Canadian entrepreneur whose career shaped two iconic retail brands. He was the founder of Le Château, a fashion retailer that became a mainstay in Canadian shopping culture for decades. In 2008, he co-founded DAVIDsTEA, transforming the specialty tea category with a bold, modern retail concept that introduced a new generation to the world of tea.

Herschel Segal brought vision, determination, and a strong belief in customer connection to every venture he led. At DAVIDsTEA, he championed accessibility, innovation, and a sense of community — principles that continue to define the Company today. His entrepreneurial legacy lives on through the businesses he built and the many people he inspired.

The Board of Directors, management, and employees of DAVIDsTEA extend their heartfelt condolences to Jane Silverstone Segal, Chair of the Board of Directors of DAVIDsTEA, Sarah Segal, Chief Executive Officer, Chief Brand Officer and a director of DAVIDsTEA, and the entire Segal family. We are grateful for Mr. Segal’s leadership, values, and lasting contributions to the Company’s growth and identity.

Rainy Day Investments Ltd., Mr. Segal’s investment vehicle, remains DAVIDsTEA’s largest shareholder. The Company has been advised that Rainy Day Investments intends to remain a long-term shareholder of DAVIDsTEA.

“Herschel’s legacy lives on through DAVIDsTEA and I am committed to continuing his vision,” said Jane Silverstone Segal, Chair of the Board. “Rainy Day Investments remains fully supportive of the Company and its future.”

DAVIDsTEA thanks its customers, shareholders, vendors and broader community for their continued support at this time.

About DAVIDsTEA
DAVIDsTEA offers a specialty branded selection of high-quality proprietary loose-leaf teas, pre-packaged teas, tea sachets, tea-related accessories and gifts through its e-commerce platform at www.davidstea.com and the Amazon Marketplace, its wholesale customers which include over 4,000 grocery stores and pharmacies, over 1,500 convenience stores in Canada and over 900 grocery stores in the United States, as well as 20 company-owned stores across Canada. The Company offers primarily proprietary tea blends that are exclusive to the Company, as well as traditional single-origin teas and herbs. The team’s passion for and knowledge of tea permeates the Company’s culture and is rooted in an excitement to explore the taste, health and lifestyle elements of tea. With a focus on innovative flavours, wellness-driven ingredients and organic tea, the Company launches seasonally driven “collections” with a mission of making tea fun and accessible to all. The Company is headquartered in Montréal, Canada. 

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