Singapore backs travel-focused chocolate retail chain The Cocoa Trees

By VCPOST Staff Reporter

Apr 21, 2014 09:51 AM EDT

Singapore's state-funded investor Temasek Holdings (Private) Ltd has poured an undisclosed capital into chocolate retail chain The Cocoa Trees. The investment comes as the Asian travel retail industry is experiencing a sharp growth, according to Reuters.

On Monday, The Cocoa Tree's Singaporean owner FNA Group announced that it has received funding from Heliconia Capital Management, a unit of Temasek. The chocolate seller will use the new capital to build more branches in airports, railway stations, and cruise liners, the report detailed.

Heliconia chief executive officer (CEO) Derek Lau said: "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."

FNA's product portfolio is comprised of over 70 brands of chocolates and sweets such as Toblerone, Ferrero Rocher, and Cadbury. In 2013, the firm posted revenue amounting to $167.9 million (S$210 million), Reuters reported.

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