Lagardère Travel Retail is now the world’s third-largest airport duty-free operator, having completed its acquisition of International Duty Free (IDF), Belgium’s leading travel retail operator.
Now the main duty-free operator in Europe, the acquisition brings Lagardère’s annual revenue to €5.3bn (US$5.8bn). It also enables Lagardère Travel Retail to extend its presence to an additional leading European hub, Brussels, while consolidating its positions in Luxembourg and in Africa, with entry into Kenya.
Lagardère Travel Retail will also be able to leverage IDF’s experience in the fast-growing Belgian premium chocolate segment. The close affinity between IDF and Lagardère Travel Retail in terms of culture and strategy is expected to help ensure a successful integration, led by Nicolas Van Brandt as CEO.
The company will be consolidated in Lagardère’s financial statements with effect from October1, 2019. The acquisition has been valued at €250m (US$275m).
