Lagardère Travel Retail this week finalised the sale of its remaining Distribution activities, allowing the business to proclaim “true pure player” travel retail status. The disposal was completed through the sale of its French distribution holding Lagardère Services Distribution SAS to Gavin Susman’s Adriatic Media Investors.
“Lagardère Travel Retail is now a true pure player in travel retail.”
The French retailer confirmed the deal was completed on 1 February 2017.
Lagardère has been exiting its non-travel retail divisions in stages over the last few years, including the completion of the sale of its Press Distribution and integrated retail business in 2016.
In its November nine-month revenue announcement, Lagardère wrote down -€278 million, related primarily to the disposals of Press Distribution activities in Spain (SGEL), Switzerland (Naville), the USA (Curtis) and Canada (LMPI).
Travel retail has long been deemed the growth business area for Lagardère, and this week’s announcement underlines the focus of the French company’s future activities.