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.”