International airport operator Groupe ADP has selected France-based travel retail company Lagardère Travel Retail as a co-shareholder of its new joint venture (JV), Extime Duty Free Paris.
As part of the agreement, Lagardère Travel Retail will hold a 49% stake in the JV, with Groupe ADP owning the remaining 51%.
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The move is part of Groupe ADP’s strategy to roll out its new hospitality and retail brand, Extime.
Extime Duty Free Paris will operate around 140 beauty, gourmet, technical and fashion outlets.
Groupe ADP chairman and CEO Augustin de Romanet said: “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.”
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By GlobalDataBy joining the JV, Lagardère Travel Retail has retained its Duty Free and Retail contract for the Paris-Charles de Gaulle and Paris-Orly airports.
The deal is subject to approval from the relevant competition authorities.
Lagardère chairman and CEO Arnaud Lagardère said: “Paris airports are the first and last image many travelers have of Paris, and of France.
“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.”
ADP has launched a public consultation on its Duty Free & Retail activities for Paris-Charles de Gaulle and Paris-Orly airports.
Last September, Lagardère Travel Retail agreed to sell a minority stake in its Asian business to e-commerce retailer JD.com and investment firm JIC for CNY720m ($111.4m).
