Lagardère Travel Retail acquired International Duty Free (IDF), Belgium’s leading travel retail operator also present in Luxembourg and Kenya.
WHO: IDF is a wholly owned subsidiary of Compagnie Nationale à Portefeuille (CNP) and since its creation in 1958 has been the operator of Belgian Sky Shops, the first “tax free” store at Brussels airport, and leader of the Duty Free & Fashion market in Belgium. IDF holds long-term contracts and currently operates more than 30 boutiques, including 25 Duty Free, Fashion, and Confectionery points of sale at Brussels airport, two Duty Free stores at Charleroi airport, and The Belgian Chocolate House premium confectionery stores at the principal Gare du Midi rail station in Brussels, in the center of Antwerp and in Luxembourg. It also operates a boutique in Kenya.
WHY: This new acquisition will enable the Lagardère group to strengthen its leadership position in the Travel Retail market by reinvesting proceeds from disposals. It will enable Lagardère Travel Retail to extend its presence to a further leading European hub in Brussels with high-quality operations and recently refurbished stores. It also helps the Group strengthen its positions in Luxembourg and in Africa with its entry into Kenya.
IN THEIR OWN WORDS: Xavier Le Clef, IDF Managing Director of CNP and Chairman, said, “IDF is special to us at CNP because we have supported its development since 1991. We’re now passing the baton to Lagardère Travel Retail, convinced that they will be a great partner in maintaining IDF’s growth over the long term while preserving its unique DNA as well as its strong commitment to its employees and partners. I’d like to thank the IDF teams wholeheartedly for their amazing work all these years as they built the company up to occupy the leadership position it now enjoys in the Travel Retail market.”
Dag Rasmussen, Chairman and Chief Executive Officer of Lagardère Travel Retail, said, “The acquisition has cemented our position as the world’s third-largest operator of Duty Free airport points of sale and as the European leader in Travel Retail. We’re delighted to be entering both the Belgian and Kenyan markets, which offer wonderful development opportunities, and at the same time stepping up our operations in Luxembourg. Above all, we are confident that IDF’s operational expertise and entrepreneurial mind-set will ensure its successful integration into Lagardère Travel Retail and contribute to the achievement of our strategic objectives.”
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