Flemingo to invest in emerging markets
The retailer partners with Capital International Corp to assist its expansion beyond the Indian subcontinent
Travel retailer Flemingo International is to partner with Capital International Corp (CDIB) to invest growth in emerging markets. With assets of $17bn, Capital International Corp, the international private equity investment arm of China Development Financial Holdings Corp, has previously invested in consumer/retail/media technology companies.
In the meantime, Flemingo said it will continue to focus on its 2B BY 2020 vision [two billion dollar sales by 2020] and consider expanding into further emerging markets in Asia beyond the Indian subcontinent.
Flemingo International CEO Atul Ahuja said: “With their extensive experience and capabilities in Asia, they will be an invaluable partner as we continue to expand our reach in duty-free markets in the region.”
CDIB president and CEO Lionel de Saint-Exupery added: “Flemingo has successfully established itself as the leading franchise in duty-free in emerging markets through impressive organic growth and targeted acquisitions. We are truly excited to work closely with Atul [Ahuja] and his talented team as they continue to deliver profitable growth.”
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