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The Mahindra group today said that it has picked up a minority stake in The East India Company, the global luxury brand. A Mahindra group announcement to the stock exchanges did not disclose the quantum of stake it has bought or the value of the investment.
According to the announcement, the East India Company launched its first flagship in London's Mayfair and is now set to build the brand on a global scale. The group plans to invest $100 million over the next five years to build on the authenticity and heritage of the brand. The planned launches will cover furniture and home decoration, publishing, jewellery and real estate.
Mr Sanjiv Mehta acquired The East India Company in 2005 and re-launched it in August 2010 to build a luxury brand. It recently launched its first global iteration as a fine foods business in London. The fine foods business will expand to Asia, West Asia and the US via retail, e-commerce and selected wholesale operations, according to the release.
“The East India Company was the world's first truly global brand spanning continents and centuries, and had a profound impact on the development of international trade,” Mr Anand Mahindra, Vice-Chairman and Managing Director, Mahindra Group, was quoted in the release.
It quoted Mr Sanjiv Mehta, CEO, The East India Company, as saying that the association with the Mahindra group “will aid the growth opportunities and aspirations we have across diverse products and geographies.”
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