Lagardère to buy International Duty Free (IDF)

0

Lagardère Travel Retail has signed an agreement for the acquisition of 100% of International Duty Free (IDF), for €250m (US$280m).

IDF is a 100% owned subsidiary of Compagnie Nationale à Portefeuille (CNP), itself owned by the Frère group. It was the operator of the first ‘tax free’ stores at Brussels Airport, and is a market leader in duty-free and fashion in Belgium.

The consolidation of IDF’s businesses would bring Lagardère Travel Retail’s annual revenue to €5.3bn (US$5.9), cementing its position as the world’s second-largest travel retail operator and third-largest global duty-free and fashion operator in airports.

Generating revenue of €183m (US$203m) in 2018, IDF currently operates more than 30 stores, including 25 duty-free, fashion and confectionery points of sale at Brussels Airport, the two duty-free stores at Charleroi Airport, and premium chocolate stores under the brand The Belgian Chocolate House at Brussels South Station, in downtown Antwerp and in Luxembourg. It also has a store in Kenya.

“The acquisition has cemented our position as number three global operator in duty-free in airports and a leader on the European travel retail market. We are thrilled to be entering both the Belgian and Kenyan markets, which offer great opportunities, while strengthening our operations in Luxembourg. Finally, we are confident that IDF’s operational know-how and entrepreneurial mindset will ensure a smooth integration into Lagardère Travel Retail and contribute to the achievement of our strategic objectives,” said Dag Rasmussen, chairman and chief executive officer of Lagardère Travel Retail.

IDF’s management team will remain in place, to facilitate the acquisition and their company’s integration into the Lagardère group. The completion of the transaction is subject to a number of conditions, including regulatory approval and third-party consents.

Share.

About Author

mm

Tara has worked for UKi Media & Events since 2013, initially as a freelancer. She has been a journalist for over a decade and has worked for a range of publications, including Personnel Today, Management Today and The Grocer.

Comments are closed.