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E. D. Sassoon & Co. facts for kids

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Tcitp d235 offices of e d sassoon and co
Elias David Sassoon (top), offices of E.D. Sassoon & Co. in Bombay (middle) and Jacob Sassoon (bottom)
Sassoon House, The Bund, Dec 2017 (1)
Former "Sassoon House", today "Peace Hotel″

E.D. Sassoon & Co., Ltd. was a big trading company that operated from the mid-1800s to the mid-1900s. They did most of their business in countries like India, China, and Japan.

How It Started

E.D. Sassoon & Co., Ltd. began in 1867. It was started by Elias David Sassoon, who was the son of David Sassoon. Elias left his family's business, David Sassoon & Co., due to disagreements with his brothers.

The new company started small. They traded items like dried fruits, metals, tea, and silk. Their first offices were in Bombay (India) and Shanghai (China). Soon, they focused mainly on sending cotton and fabrics from India to China.

Growing the Business

E.D. Sassoon & Co. quickly became very active. By the early 1900s, it had much more money than the original family company. The company also expanded its business. They started trading in ports around the Persian Gulf, in Baghdad, and in Japan.

From 1879, they began buying cotton mills in Bombay. These were factories that made cotton fabric. E.D. Sassoon & Co. turned these struggling mills into successful businesses.

New Leaders and Expansion

When Elias David Sassoon passed away in 1880, his oldest son took over. This was Sir Jacob Elias Sassoon. Under his leadership, new offices opened in Calcutta and Karachi. The company also bought more land and buildings in Shanghai.

They invested even more in their cotton mills in Bombay. By the time World War I started, E.D. Sassoon & Co. was India's largest textile group. They were known for using very advanced technology in their factories.

In 1909, Sir Jacob Elias Sassoon helped create the "Eastern Bank". This bank helped the company manage its money better. On January 1, 1921, E.D. Sassoon & Co. officially became a private trading and banking company.

A New Generation Takes Over

After Sir Edward Elias Sassoon and his younger brother Meyer Harry Sassoon died in 1924, new leaders stepped in. Sir Edward's son, Sir Victor Sassoon, became the main owner and chairman. Meyer Harry Sassoon's widow, Mozelle Gubbay, also became a major owner.

In 1927, E.D. Sassoon & Co. was the biggest owner of cotton mills in Bombay. During the Great Depression (1929-1930), many other companies struggled. E.D. Sassoon & Co. bought out their biggest competitors who went bankrupt.

By the start of World War II, E.D. Sassoon & Co. owned 15 cotton mills. They were Bombay's largest private employer, with over 30,000 workers.

Investing in Shanghai

The money earned in Bombay was used to buy fancy buildings and hotels in Shanghai. In 1923, E.D. Sassoon & Co. bought most of the shares in "Arnhold & Co." in Shanghai. This company owned "Cathay Land Company," which had many apartment buildings and a hotel. This helped E.D. Sassoon & Co. invest more in Shanghai property.

In 1928, Sir Victor Sassoon created the "E.D. Sassoon Banking Company Limited." This was a separate bank to help manage the family's trading business. In March 1930, the new main office for E.D. Sassoon & Co. opened at "Sassoon House" in Shanghai.

Changes During and After World War II

World War II brought big changes. The war increased demand for goods, which boosted production. However, in 1943, the company decided to sell its cotton mills in Bombay. They worried about problems once India became independent from foreign rule.

In May 1949, communist rule took over Shanghai. This made it unsafe for the company's main office. So, in 1950, the headquarters moved to Nassau in the Bahamas. Nassau was chosen because it had no personal or company taxes. Sir Victor Sassoon also planned to live there, which he did until his death in 1961.

After Sir Victor Sassoon's death, the banking part of the company was sold in 1972. It was later taken over by the Standard Chartered Bank in 1976. The main company, E.D. Sassoon & Co., continued until 1978. It then changed its name to "DK Investments (Crosby Square) Ltd."

Today, the "Sir Victor Sassoon Heart Foundation" is run from Nassau. Lady Sassoon started this foundation after her husband passed away, and the family still lives there.

See also