The travel retailer will become the airport group’s co-shareholder in Extime Duty Free Paris, dovetailing with the rollout of the Extime hospitality and retail brand.
As pre-empted by TRBusiness, Groupe ADP was set to appoint the JV partner this month.
The Paris airports operator confirmed to this publication in November a plan to tender a 49% stake in the subsidiary company of Aéroports de Paris in a 10-year contract valued at €9.4 billion/$10.6 billion.
By purchasing the stake, Lagardère Travel Retail will work alongside Groupe ADP (51%) to run 140 beauty, gourmet, technical and fashion outlets through Extime Duty Free at Paris’ Charles de Gaulle, Orly and Le Bourget Airports.
Extime: A new identity in Paris
The acquisition is subject to the approval of the relevant competition authorities, a joint statement confirmed.
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA-Groupe ADP, commented: “Airports are places where people live, and our passengers want to be able to relax, enjoy themselves, shop and find the best of Paris and France in terms of shops and services once they have passed through check-in and security checks.
“Extime Duty Free Paris, an expert in travel retail, will bring the Groupe ADP’s new hospitality brand, Extime, to Paris to offer our passengers a unique and memorable experience.”
Arnaud Lagardère, Chairman and CEO, Lagardère SA, said: “Paris airports are the first and last image many travellers have of Paris, and of France.
‘Unwavering’ commitment to travel retail
“Under the new and ambitious Extime brand, we look forward to continuing our partnership with the Groupe ADP’s teams to offer travellers unforgettable shopping experiences and to bring the best of Paris and France to them, in terms of culture and know-how.”
In a follow-up statement circulated by Lagardère Group, Arnaud Lagardère added: “I would like to thank the ADP Group and its Chairman and Chief Executive Officer, Mr. Augustin de Romanet, for their confidence.
“It is a great pride for our group to continue its partnership with the ADP teams. A huge congratulations to the Lagardère Travel Retail employees who, under the leadership of Dag Rasmussen, have put all their talent and pugnacity in the conquest of this great victory.
“The Group is delighted with this success, which crowns the know-how and operational excellence of Lagardère Travel Retail, whose determination to satisfy its customers and partners is total.
“On this occasion, I would like to reaffirm, with Pierre Leroy, our unwavering determination to build the world leader in travel retail and publishing, a dual strategic objective launched several years ago when we decided to focus all of the Group’s forces on developing these two businesses.
“The arrival of Vivendi in our capital, which among other things has enabled us to preserve the integrity of the Group, is a considerable asset that will give us additional resources for this great ambition”.
TRBusiness has reached out to Lagardère Travel Retail for comment.
Click here to read an exclusive interview with Groupe ADP Chief Retail Officer Aude Ferrand for more on the tender and the operator’s ambition to develop the Extime retail and hospitality brand.