East India Company secures outside investment, eyes 20 stores
The East India Company, a trading company associated with colonial Britain and revived in 2005 as a specialty tea and fine food brand, announced aggressive expansion plans in the Middle East after securing major outside investment. It already has flagship stores in United Arab Emirates, Qatar and Kuwait, and expects to operate up to 20 fine food stores and several high tea lounges within 5 years. This after securing a major outside investment from United Arab Emirates-based retailer Emke Group, which operates a network of supermarkets and shopping malls. The deal involves the acquisition of a 10 percent stake in The East India Company and 40% in one of its key subsidiaries, East India Fine Foods Ltd.