SINGAPORE, April 21 (Reuters) - Singapore state investor Temasek Holdings (Private) Ltd has invested an undisclosed sum in The Cocoa Trees chain of chocolate shops to take advantage of sharp growth in Asia’s travel retail sector.
FNA Group International, the Singapore-based owner of The Cocoa Trees, said on Monday it has received capital from Temasek unit Heliconia Capital Management to expand its retail network in places such as airports, cruise liners and railway stations.
“Travel retail is enjoying high double-digit growth as a confluence of factors such as rising disposable income, the opening up of air travel to a wider group of consumers, and more airports being built,” Heliconia CEO Derek Lau said in a statement.
FNA sells more than 70 chocolate and sweets brands including Toblerone, Cadbury, M&Ms, Ferrero Rocher and Hershey‘s. Last year, the company booked revenue of S$210 million ($167.9 million).
$1 = 1.2507 Singapore Dollars Reporting by Eveline Danubrata; Editing by Christopher Cushing