Lagardère Travel Retail’s momentum stepped up in Q3. Pictured here is the Today Duty Free store at AMS. Credit: Schiphol / Leroy Beesemer.

French global duty-free player, Lagardère Travel Retail (LTR), saw revenue in the third quarter grow by +5.0% (like-for-like*) and +6.2% on a reported basis to reach just shy of €1.7 billion. The three months to September showed increased momentum as growth in the first nine months of the year for the Paris-based company was 4.4% and totalled €4.6 billion.

The difference between reported and like-for-like revenue growth is attributable to the consolidation of the duty-free business at Amsterdam Airport Schiphol, where LTR has taken a 70% stake in the joint venture, Schiphol Airport Retail, marking a major new business for the travel retailer.

At parent company, Lagardère SA, Chairman and Chief Executive Officer, Arnaud Lagardère, commented on the division’s performance on Thursday, saying: “In the third quarter of 2025, Lagardère Travel Retail posted record revenue of nearly €1.7 billion, driven by the success of new openings in Amsterdam and Auckland.”

Third-quarter 2025 results. [Source: Lagardère SA]

LTR is one of three divisions in the company. The others are Lagardère Publishing and Lagardère Live, both of which are significantly smaller than LTR. Total revenue for Lagardère SA hit €2.55 billion in Q3, up +5.4%, and €6.9 billion for the first nine months of the year, up +3.9% (see charts above and below).

Lagardère sees nuanced regional performances

In Q3, Lagardère Travel Retail’s performance would have been even stronger if not for North Asia (essentially China), which dampened the rise.

Excluding North Asia, which was down by -50%, revenue grew by 7% (reported), driven by solid performances in Europe and North America. LTR is still in the midst of reorganisation measures in China to help mitigate the fall in per-capita spending that is being seen in the market.

 Nine-month 2025 results. [Source: Lagardère SA]

Elsewhere, LTR reported that its French business grew by +3%, driven by rising air passenger traffic, concession wins, and sales drives “as well as successful network upgrades for the Travel Essentials and Dining businesses”. LTR added: “During the comparative period in the third quarter of 2024, business had been lifted by the favourable impact of the Paris Olympic Games.”

Across the Europe, Middle East, and Africa (EMEA) region (excluding France), revenue increased by 7%, with solid growth coming from the United Kingdom, Spain, Italy, and Poland, thanks to increased passenger traffic and network expansion. LTR’s business in Africa is expanding rapidly, up +35%, due to new openings including Douala, Yaoundé, and Kigali. The Middle East, too, is seeing pacey development, up 32%, particularly in the United Arab Emirates and Saudi Arabia.

In the Americas, revenue advanced by +4%, but was a percentage point lower in North America, up +3%. Business in the region was driven by network expansion and sales momentum for Travel Essentials and Dining, despite air passenger traffic remaining flat over the period. In sharp contrast to North America, South America posted revenue growth of +35% helped by the recovery of tourist traffic and the opening of a new airport in Lima, Peru.

The Asia-Pacific region posted a decline of -5%, and was hit hard by North Asia (down -50%) due to the continued streamlining of the business and store closures in mainland China. Partially countering this effect in the Pacific was the successful start-up of duty-free activities at Auckland airport as of 1 July 2025.

[* All percentages shown are like-for-like unless otherwise stated. Like-for-like growth data exclude the contribution of the duty-free business at Amsterdam Airport Schiphol, which has been accounted for as a change in the scope of consolidation.]

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