Flemingo International BVI Limited (“Flemingo”) is pleased to announce a $30 million investment in Flemingo by a fund managed by Albright Capital Management (“ACM”), a dedicated emerging-markets investment firm based in Washington, DC and chaired by former US Secretary of State, Madeleine Albright.
Flemingo, a rapidly growing global travel retail company, has achieved an over 50% per annum revenue growth rate over the past five years by focusing on markets such as Africa, Eastern Europe, Turkey and the Indian subcontinent. Flemingo will use the proceeds of the investment to further expand its reach in high-growth duty-free markets across the globe.
With over one hundred and twenty shops internationally, Flemingo has developed over ten different retail formats, including airport, seaport and border stores; in-flight duty free retail; coffee shops; dedicated outlets serving the UN and diplomatic missions; on-line retail; and duty-paid convenience shops and fashion accessory boutiques.
Atul Ahuja,CEO of Flemingo, commented, “we are delighted to have ACM as an investor as we continue to build Flemingo into one of the preeminent emerging-markets duty free companies”.